The Detroit Free Press is reporting on Wednesday morning that Michigan State University has reached a settlement with the victims of convicted former doctor Larry Nassar that could cost the school $500 million or more.

The university is slated to make a formal announcement of the settlement later on Wednesday, according to the Free Press.  Interim president John Engler has said that tuition and state aid would pay for the settlement with the nearly 300 victims of Dr. Nassar.

Nassar is currently serving 60 years in a federal prison for child pornography charges.  He was convicted earlier this year on sexual assault charges in Ingham and Eaton Counties.  He will serve at least 40 years in jail for each of those convictions once the federal child pornography sentence is served.