Penn State's athletic department will likely receive $60 million loan

(WMC-TV) – The president of Penn State says The University will probably have to give its athletic department a long-term loan to pay a $60 million fine.

Speaking on "face the nation" on CBS Rodney Erickson said a combination of funds, including the football program's financial reserves, will be used to pay the fine.

The NCAA handed down the fine last week in light of the Jerry Sandusky child sex abuse scandal.

Other sanctions include the loss of all of coach Joe Paterno's victories from 1998 to 2011,. Sanctions also include a four year ban on post-season bowl games, and the loss of 20 scholarships per year over four years.

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