Greg Schiano pays off $300,000 loan to Rutgers on old house

By Matt Sugam

On Friday, it was reported that Greg Schiano owed $300,000 for his still unsold house in Piscaway that needed to be paid by January 26. Today, the former Rutgers head coach cut a check to pay off his debt.

“Former Rutgers head football coach Greg Schiano fulfilled his final financial obligation to the university Tuesday when he paid the $300,000 balance remaining on the Logan Lane property,” Rutgers spokesman E.J. Miranda told The Star-Ledger.

The house is on the market for $1.95 to $2.3 million. Schinao bought the land from Rutgers for $800,000 to build the house which is a couple minutes from the Hale Center.

Schiano owed $100,000 for each season he remained at Rutgers with the remaining money due when he left.

Schiano had a $550,000 buyout in his contract when he left which the Bucs paid for when he became their head coach. The debt paying off the rest of the loan on the house, which he did two days before the deadline.

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