Big Ten coach received $3.4 million loan, but records show he hasn't paid it back
As a tax-exempt nonprofit institution, the University of Southern California must file a Form 990 with the U.S. Internal Revenue Service. Included among the details in the form are employee compensation figures.
Head football coach Lincoln Riley was the school's highest-paid employee in Fiscal Year 2023, when he collected $11.5 million in reported compensation. The former University of Oklahoma coach is also eligible for a $90 million buyout, according to ESPN's Pete Thamel.
Given his massive salary, the question isn't time-sensitive, though it is uniquely applicable to him: when does Riley plan to pay back his housing loan?
The Form 990 lists 15 USC employees who benefitted from a housing loan during the most recent fiscal year; some received multiple loans. Riley received a $3,430,000 housing loan, according to the form. He's also the only university employee who has yet to pay back even a dollar.
The following graphic, shared by USC associate director for safety and security Phil Turner in his newsletter, shows the progress each of USC's housing loan recipients have made toward paying back what they owe:
The national average interest rate is 6.9 percent as of Tuesday. Depending on the interest rate attached to the loans extended to Riley and his colleagues — if there is one at all — he could be getting a sweetheart housing deal in addition to his eight-figure salary and massive buyout.
Turner suggested the loans might have been extended interest-free.
"I think those being paid millions can figure out housing loans (or cars, or house cleaning) on their own, just like the rest of us," he wrote. "If we're giving out 0% loans but abruptly cancelling vested benefits like the (Tuition Assistance Benefit), that to me says the ones making the decision aren't really the part of the 'Trojan Family'."
Riley's outstanding housing loan balance isn't the largest of any USC employee. Athletics director Jennifer Cohen received a $3.8 million housing loan, according to the Form 990. Cohen, hired in August 2023, has paid back $63,548.
Owning a home in Los Angeles isn't cheap. At approximately $875,000 in Q4 2024, according to the National Association of Realtors, Los Angeles County has a relatively high median home price. Yet it's worth noting that USC's highest-paid employee is the only one who hasn't made any loan payments as of the most recent fiscal year.
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