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Swimmer who beat Phelps to receive nearly $750K from country for winning gold

Under NCAA rules, student-athletes aren't allowed to be paid - but there's an exception for foreign athletes, and swimmer Joseph Schooling is about to take advantage of it.

For winning the gold medal in Friday night's 100m 100m fly - and beating out his once-idol Michael Phelps in the process - Schooling, who is an athlete at the University of Texas, will receive about $750,000 from the Singapore National Olympic Council's Multi-Million Dollar Award Programme.

Joseph Schooling beat Michael Phelps to win Singapore's first ever gold medal in swimming

So how exactly does it work that Schooling can keep the money?