First Marblehead (FMD) 10-Q 8 Nov 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Sep. 30, 2013	Nov. 05, 2013
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'FMD	'
Entity Registrant Name	'FIRST MARBLEHEAD CORP	'
Entity Central Index Key	'0001262279	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	112,824,767

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$67,669	$81,910
Short-term investments, at cost	50,204	55,179
Restricted cash	114,113	87,338
Investments available-for-sale, at fair value	80,311	84,782
Education loans held-to-maturity, net of allowance of $1,699 and $1,659	70,436	62,996
Mortgage loans held-to-maturity, net of allowance of $480 and $440	14,239	12,629
Deposits for participation interest accounts, at fair value	18,784	13,147
Service revenue receivables, at fair value	13,913	14,817
Goodwill	20,066	20,066
Intangible assets, net	23,578	24,193
Property and equipment, net	6,154	6,176
Other assets	12,078	9,060
Total assets	491,545	472,293
Liabilities:	'	'
Deposits	165,488	163,977
Restricted funds due to clients	113,978	86,994
Accounts payable, accrued expenses and other liabilities	15,586	14,884
Income taxes payable	26,136	25,922
Net deferred income tax liability	1,286	1,189
Total liabilities	322,474	292,966
Commitments and contingencies:	'	'
Stockholders' equity:	'	'
Common stock, par value $0.01 per share; 250,000 shares authorized; 122,375 and 120,513 shares issued; 112,825 and 111,547 shares outstanding	1,223	1,204
Additional paid-in capital	458,812	456,843
Accumulated deficit	-102,378	-90,824
Treasury stock, 9,550 and 8,966 shares held, at cost	-187,827	-187,154
Accumulated other comprehensive loss	-759	-742
Total stockholders' equity	169,071	179,327
Total liabilities and stockholders' equity	$491,545	$472,293

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, except Per Share data, unless otherwise specified
Education loans held to maturity, allowance	$1,699	$1,659
Mortgage loans held to maturity, allowance	$480	$440
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	250,000	250,000
Common stock, shares issued	122,375	120,513
Common stock, shares outstanding	112,825	111,547
Treasury stock, shares	9,550	8,966

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net interest income:	'	'
Interest income	$1,649	$1,193
Interest expense	-387	-273
Net interest income	1,262	920
(Provision) credit for loan losses	-174	74
Net interest income after (provision) credit for loan losses	1,088	994
Non-interest revenues:	'	'
Tuition payment processing fees	7,948	7,424
Administrative and other fees	4,396	3,415
Fair value changes to service revenue receivables	445	838
Total non-interest revenues	12,789	11,677
Total revenues	13,877	12,671
Non-interest expenses:	'	'
Compensation and benefits	10,441	8,813
General and administrative	14,679	17,395
Total non-interest expenses	25,120	26,208
Loss from operations	-11,243	-13,537
Income tax expense	311	395
Net loss	($11,554)	($13,932)
Net loss per basic and diluted common share	($0.10)	($0.14)
Basic and diluted weighted-average common shares outstanding	112,142	102,061

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Loss (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net loss	($11,554)	($13,932)
Other comprehensive (loss) income, net of tax:	'	'
Unrealized (loss) gain on investments available-for-sale arising during the period	-17	499
Total comprehensive loss	($11,571)	($13,433)

Consolidated_Statements_of_Cha

Consolidated Statements of Changes In Stockholders' Equity (USD $)	Total	Non-voting convertible preferred stock issued	Common stock Issued	Common stock in treasury	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive (loss) income, net of tax
In Thousands, unless otherwise specified
Beginning Balance at Jun. 30, 2012	$226,988	$1	$1,106	($186,828)	$452,726	($40,627)	$610
Beginning Balance (in shares) at Jun. 30, 2012	'	133	110,658	-8,656	'	'	'
Comprehensive loss:	'	'	'	'	'	'	'
Net loss	-13,932	'	'	'	'	-13,932	'
Other comprehensive income	499	'	'	'	'	'	499
Total comprehensive loss	-13,433	'	'	'	'	-13,932	499
Net stock issuance from vesting of stock units (in shares)	'	'	264	-60	'	'	'
Net stock issuance from vesting of stock units	-69	'	3	-69	-3	'	'
Stock-based compensation	1,068	'	'	'	1,068	'	'
Ending Balance at Sep. 30, 2012	214,554	1	1,109	-186,897	453,791	-54,559	1,109
Ending Balance (in shares) at Sep. 30, 2012	'	133	110,922	-8,716	'	'	'
Beginning Balance at Jun. 30, 2013	179,327	'	1,204	-187,154	456,843	-90,824	-742
Beginning Balance (in shares) at Jun. 30, 2013	'	'	120,513	-8,966	'	'	'
Comprehensive loss:	'	'	'	'	'	'	'
Net loss	-11,554	'	'	'	'	-11,554	'
Other comprehensive income	-17	'	'	'	'	'	-17
Total comprehensive loss	-11,571	'	'	'	'	-11,554	-17
Net stock issuance from vesting of stock units (in shares)	'	'	1,862	-584	'	'	'
Net stock issuance from vesting of stock units	-673	'	19	-673	-19	'	'
Stock-based compensation	1,988	'	'	'	1,988	'	'
Ending Balance at Sep. 30, 2013	$169,071	'	$1,223	($187,827)	$458,812	($102,378)	($759)
Ending Balance (in shares) at Sep. 30, 2013	'	'	122,375	-9,550	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:	'	'
Net loss	($11,554)	($13,932)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	1,308	1,006
Provision (credit) for loan losses	174	-74
Deferred income tax expense	97	115
Stock-based compensation	1,988	1,068
Service revenue receivable cash distributions	1,349	1,112
Changes in assets/liabilities:	'	'
Participation interest accounts	-5,637	-4,940
Fair value increase to service revenue receivables	-445	-838
Other assets	-3,018	-2,472
Accounts payable, accrued expenses and other liabilities	705	-1,640
Income taxes payable	214	675
Net cash used in operating activities	-14,819	-19,920
Cash flows from investing activities:	'	'
Proceeds from maturities of short-term investments	4,975	24,978
Net increase in restricted cash	-26,775	-18,126
Net increase in restricted funds due to clients	26,984	18,732
Purchases of investments available-for-sale	'	-8,097
Principal repayments from investments available-for-sale	4,454	3,064
Net increase in education loans held-to-maturity	-7,574	-12,148
Net increase in mortgage loans held-to-maturity	-1,650	-1,409
Purchases of property and equipment	-671	-860
Net cash (used in) provided by investing activities	-257	6,134
Cash flows from financing activities:	'	'
Net increase in deposits	1,511	17,192
Payments on capital lease obligations	-3	'
Repurchases of common stock	-673	-69
Net cash provided by financing activities	835	17,123
Net (decrease) increase in cash and cash equivalents	-14,241	3,337
Cash and cash equivalents, beginning of period	81,910	123,497
Cash and cash equivalents, end of period	67,669	126,834
Supplemental disclosures of cash flow information:	'	'
Interest paid	377	229
Income taxes paid	'	61
Supplemental disclosure of non-cash investing and financing activities:	'	'
Interest receivable capitalized to loan principal	$42	$15

General_Information

General Information	3 Months Ended
	Sep. 30, 2013
General Information	'
	(1) General Information
	Overview
	Unless otherwise indicated, or unless the context of the discussion requires otherwise, we use the terms “we,” “us,” “our” and similar references to refer to The First Marblehead Corporation and its subsidiaries, on a consolidated basis. We use the terms “First Marblehead” or “FMD” to refer to The First Marblehead Corporation on a stand-alone basis. We use the term “education loan” to refer to private education loans that are not guaranteed by the federal government. Our fiscal year ends on June 30, and we identify our fiscal years by the calendar years in which they end. For example, we refer to the fiscal year ending June 30, 2014 as “fiscal 2014.” References to our “Annual Report” mean our annual report on Form 10-K for the fiscal year ended June 30, 2013 filed with the Securities and Exchange Commission (SEC) on September 13, 2013.
	We are a specialty finance company focused on the education financing marketplace in the United States. We provide loan programs on behalf of our lender clients for K-12, undergraduate and graduate students and for college graduates seeking to refinance private education loan obligations. We offer a fully integrated suite of services through our Monogram® loan product service platform (Monogram platform), as well as certain services on a stand-alone, fee-for-service basis. We partner with lenders to design and administer education loan programs through our Monogram platform, which are typically school-certified. They are designed to be marketed through educational institutions or to prospective borrowers and their families directly and to generate portfolios intended to be held by the originating lender or financed in the capital markets. We also offer a number of other services on a stand-alone, fee-for-service basis. These services include tuition planning, tuition billing, refund management and payment technology services offered through our subsidiary Tuition Management Systems LLC (TMS), traditional retail banking products offered through our bank subsidiary Union Federal Savings Bank (Union Federal®), as well as loan origination, portfolio management and securitization services. In addition, through FMD’s subsidiary Cology LLC, we provide loan processing and disbursement services to various credit union and other lender clients. The education loans we originate on behalf of our partnered lending clients, excluding Union Federal, as well as the education loans we process on behalf of Cology LLC clients are not included on our consolidated balance sheets but, rather, are included on the balance sheets of our partnered lending and Cology LLC clients. As such, none of the references in this quarterly report to education loans included in our consolidated balance sheets include the education loans originated by our partnered lending clients or by Cology LLC on behalf of its clients.
	Basis of Financial Reporting
	The accompanying unaudited consolidated financial statements as of and for the three months ended September 30, 2013 have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of the results for fiscal 2014. The accompanying unaudited consolidated financial statements should be read in conjunction with our Annual Report.
	Recently Issued Accounting Pronouncements
	Accounting Standards Update (ASU) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02), is effective prospectively for annual reporting periods beginning after December 15, 2012 and interim periods within those years. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income or as a separate disclosure in the notes to the financial statements. As ASU 2013-02 only addresses disclosure requirements and we had no reclassifications out of accumulated other comprehensive income during the period, our adoption of ASU 2013-02 in July 2013 did not have an impact on our consolidated financial statements.
	ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11), is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. ASU 2013-11 requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. We do not expect the adoption of ASU 2013-11 to have a material impact on our consolidated financial statements.
	We do not expect any other recently issued, but not yet effective, accounting pronouncements to have a material impact on our consolidated financial statements.
	Summary of Significant Accounting Policies
	There have been no changes to our significant accounting policies since we filed our Annual Report with the SEC on September 13, 2013. See Note 2, “Summary of Significant Accounting Policies,” in the notes to our consolidated financial statements included in Item 8 of Part II of our Annual Report for the full disclosure of our significant accounting policies.

Asset_Acquisition_of_Cology_In

Asset Acquisition of Cology, Inc.	3 Months Ended
	Sep. 30, 2013
Asset Acquisition of Cology, Inc.	'
	(2) Asset Acquisition of Cology, Inc.
	During the second quarter of fiscal 2013, FMD’s subsidiary Cology LLC completed its acquisition of a substantial portion of the operating assets of Cology Inc. and its affiliates, which we refer to as the Cology Sellers, for $4.7 million in cash and the assumption of certain liabilities. Cology LLC provides education loan processing and disbursement services to approximately 270 credit union and other lender clients in the United States as well as offering life-of-loan servicing. Cology LLC earns fees based primarily on the number of loan applications, loan certifications and disbursements it processes on behalf of its clients. Cology LLC does not originate education loans for its own account.
	In connection with the transaction, we entered into special retention agreements with certain Cology LLC employees that provide for a bonus payment to those employees who are employed by Cology LLC on the one-year anniversary of the acquisition date, subject to the attainment of certain reductions in operating expenses by Cology LLC. We have not accrued any amounts under the special retention agreements as of September 30, 2013. We also established a performance incentive plan that provides for payment of bonuses to eligible employees based on Cology LLC’s achievement of certain profitability targets for the periods ending June 30, 2013, 2014 and 2015. We have not accrued any amounts under the performance incentive plan as of September 30, 2013.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	3 Months Ended
	Sep. 30, 2013
Cash and Cash Equivalents	'
	(3) Cash and Cash Equivalents
	The following table summarizes our cash and cash equivalents:
		September 30, 2013		June 30, 2013
		(dollars in thousands)
	Cash equivalents (money market funds)	$	35,250	$	33,032
	Interest-bearing deposits with the Federal Reserve		24,338		24,906
	Interest-bearing deposits with banks		6,072		22,438
	Non-interest-bearing deposits with banks		1,809		1,334
	Federal funds sold		200		200
	Total cash and cash equivalents	$	67,669	$	81,910
	Cash and cash equivalents of Union Federal of $24.9 million and $27.0 million at September 30, 2013 and June 30, 2013, respectively, were not available for dividends without prior approval from the Office of the Comptroller of the Currency (OCC), Union Federal’s regulator.

Shortterm_Investments

Short-term Investments	3 Months Ended
	Sep. 30, 2013
Short-term Investments	'
	(4) Short-term Investments
	Short-term investments of $50.2 million at September 30, 2013 and $55.2 million at June 30, 2013 included certificates of deposit with highly-rated financial institutions, carried at cost. These certificates of deposit had a range of maturities from 0.5 months to 4.6 months.

Investments_AvailableforSale

Investments Available-for-Sale	3 Months Ended
	Sep. 30, 2013
Investments Available-for-Sale	'
	(5) Investments Available-for-Sale
	We categorize investments available-for-sale by major security type. Government-sponsored enterprises (GSE) are comprised of debt securities issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage Corporation and the Federal National Mortgage Association.
	The following table provides a summary of investments available-for-sale by major security type:
		Amortized cost			Unrealized gains			Unrealized losses			Fair value
		(dollars in thousands)
	At September 30, 2013:
	GSE mortgage-backed securities	$	68,459		$	322		$	(999	)	$	67,782
	Mortgage-backed securities issued by U.S. government agencies		12,611			99			(181	)		12,529
	Total	$	81,070		$	421		$	(1,180	)	$	80,311
	At June 30, 2013:
	GSE mortgage-backed securities	$	71,970		$	294		$	(1,020	)	$	71,244
	Mortgage-backed securities issued by U.S. government agencies		13,554			153			(169	)		13,538
	Total	$	85,524		$	447		$	(1,189	)	$	84,782
	At September 30, 2013 and June 30, 2013, 11 and 10 investment securities, respectively, totaling $50.4 million and $53.1 million, had unrealized losses of $1.2 million and $1.2 million, respectively, and had been in an unrealized loss position for less than one year. Management evaluates impairments in values, whether caused by adverse interest rates or credit movements, to determine if they are other-than-temporary. Additionally, management evaluates whether it intends to sell or will be required to sell the debt securities before the anticipated recovery of their remaining amortized cost. Management concluded the unrealized losses at September 30, 2013 and June 30, 2013 were temporary in nature.
	The amortized cost basis of securities available-for-sale by maturity as of September 30, 2013 is presented below. Mortgage-backed securities were classified below based on the security’s weighted-average maturity, adjusted for anticipated prepayments. Contractual maturities on the mortgage-backed securities range from eight to 29 years.
		September 30, 2013
		Due in			Due after			Due after			Total
		one			one year			five
		year			but			years but
		or less			within			within
					five years			ten years
		(dollars in thousands)
	Securities available-for-sale:
	GSE mortgage-backed securities:
	Amortized cost	$	39		$	45,044		$	23,376		$	68,459
	Weighted average yield		0.59	%		1.99	%		1.79	%		1.92	%
	Mortgage-backed securities issued by U.S. government agencies:
	Amortized cost	$	—		$	12,611		$	—		$	12,611
	Weighted average yield		—	%		2.42	%		—	%		2.42	%
	Total debt securities:
	Amortized cost	$	39		$	57,655		$	23,376		$	81,070
	Weighted average yield		0.59	%		2.08	%		1.79	%		2	%
	Fair value	$	39		$	56,989		$	23,283		$	80,311
	At September 30, 2013, the expected weighted average remaining life of the mortgage-backed security portfolio, calculated using prepayment speed assumptions, was 4.3 years.

Education_Loans_HeldtoMaturity

Education Loans Held-to-Maturity	3 Months Ended
	Sep. 30, 2013
Education Loans Held-to-Maturity	'
	(6) Education Loans Held-to-Maturity
	(a) Gross Education Loans Outstanding
	At September 30, 2013 and June 30, 2013, education loans outstanding primarily consisted of education loans held by Union Federal, totaling $71.1 million and $63.6 million, respectively. Other education loans consisted of loans totaling $1.0 million at both September 30, 2013 and June 30, 2013, which were transferred by Union Federal to an indirect subsidiary of FMD in 2009, prior to the launch of our Monogram platform. These loans were fully reserved for at September 30, 2013 and June 30, 2013.
	The following table summarizes the composition of the net carrying value of our education loans held-to-maturity as of the dates indicated:
			September 30,			June 30,
			2013			2013
			(dollars in thousands)
	Gross loan principal outstanding		$	72,135		$	64,655
	Allowance for loan losses			(1,699	)		(1,659	)
	Education loans held-to-maturity, net of allowance		$	70,436		$	62,996
	(b) Education Loan Allowance for Loan Losses and the Related Provision for Loan Losses
	We recorded the following activity in the allowance for loan losses for education loans:
			Three months ended
			September 30,
			2013			2012
			(dollars in thousands)
	Balance, beginning of period		$	1,659		$	1,309
	Provision (credit) for loan losses			134			(131	)
	Reserves reclassified from interest receivable for capitalized interest			7			15
	Charge-offs			(117	)		(18	)
	Recoveries from borrowers			16			185
	Balance, end of period		$	1,699		$	1,360
	To estimate the allowance for loan losses on our newly originated Monogram-based loan portfolio, we utilized specific default and recovery rates projected for the Monogram-based loan portfolio over the 12-month loss confirmation period. Our default experience with this loan portfolio is limited by the seasoning of the portfolio; however, we have utilized our historical database and experience in projecting the level of defaults and recoveries of the Monogram-based loan portfolio relying in part on historical results from our securitization trusts that we previously facilitated for loans that have similar credit characteristics to those in our Monogram-based loan portfolio.
	At September 30, 2013 and June 30, 2013, there was $136 thousand and $189 thousand, respectively, of education loans that were in non-accrual status and no education loans that had specific reserves. These loans included $56 thousand and $42 thousand, at September 30, 2013 and June 30, 2013, respectively, of loans that were transferred by Union Federal to an indirect subsidiary of FMD in 2009, prior to the launch of our Monogram platform. For loans greater than 180 days past due, but not yet charged-off, our policy is to evaluate the loans under Accounting Standards Codification (ASC) 310, Receivables, for a specific reserve. At September 30, 2013, there were $17 thousand of education loans that were greater than 180 days past due, which were all Monogram-based education loans issued through Union Federal. These loans were charged-off in October 2013.
	Overall Education Loan Credit Quality
	Management monitors the credit quality of an education loan based on loan status, as outlined below. The impact of changes in loan status, such as delinquency and time in repayment, is incorporated into the quarterly allowance for loan loss calculation through our projection of defaults. The following table represents our loan origination metrics with respect to our Monogram-based portfolios held at Union Federal at September 30, 2013 and June 30, 2013:
			September 30,			June 30,
			2013			2013
	Weighted-average FICO score			753			752
	Co-signers			83	%		83	%
	Delinquent loans			0.78	%		0.45	%
	The weighted-average FICO score is based on the maximum score of the borrower or co-signer at origination.
	The following table provides additional information on the status of education loans outstanding:
			September 30,			As a percentage			June 30,		As a percentage
			2013			of total			2013		of total
			(dollars in thousands)
	Principal of loans outstanding:
	In basic forbearance		$	660			0.9	%	$	439		0.7	%
	In school and in deferment			26,181			36.3			22,948		35.5
	In repayment, including alternative payment plans, classified as:
	Current: £30 days past due			44,483			61.7			40,724		63
	Delinquent: >30 days past due, but £120 days past due			675			0.9			355		0.5
	Delinquent: >120 days past due, but £180 days past due			119			0.2			79		0.1
	In default: >180 days past due, but not yet charged-off			17			—			110		0.2
	Total gross loan principal outstanding		$	72,135			100	%	$	64,655		100	%
	Non-accrual loan principal (>120 days past due)		$	136			0.2	%	$	189		0.3	%
	Past due loan principal (>90 days, but £120 days past due still accruing interest)			98			0.1			121		0.2
	In alternative payment plans			894			1.2			784		1.2
	We use the following terms to describe borrowers’ payment status:
	In School and In Deferment Pursuant to the terms of the education loans, a borrower may choose to defer principal and interest payments while carrying a specified academic course load and may be eligible to defer payments for an additional six months after graduation during a grace period. At the end of the deferment period, any remaining accrued but unpaid interest is capitalized and added to principal outstanding.
	In Repayment We determine the repayment status of a borrower, including a borrower making payments pursuant to alternative payment plans, by contractual due dates. A borrower making reduced payments for a limited period of time pursuant to an alternative payment plan will be considered current if such reduced payments are timely made. Under our Monogram platform, borrowers may be in repayment while in school. Payment options while in school include full principal and interest, partial interest and interest only.
	Forbearance Pursuant to the terms of the education loans, a borrower may apply for forbearance, which is a temporary reprieve from making full contractual payments. Forbearance can take many forms, at the option of the creditor. The most common forms of forbearance include the following:
		•		Basic forbearance—Cessation of all contractual payments for a maximum allowable forbearance period of one year, granted in three-month increments.
		•		Alternative payment plans—Pursuant to an alternative payment plan, a borrower can make a reduced payment for a limited period of time. The amount of the payment varies depending on the program and may be set at a fixed dollar amount, a percentage of contractual required payments or interest-only payments. Generally, approval for alternative payment plans is granted for a maximum of six to 24 months, depending on the program.
	The use of the forbearance program is contemplated at the origination of an education loan and, as noted in the credit agreement with the borrower, is granted at the lender’s discretion. Under both basic forbearance and alternative payment plans, the education loan continues to accrue interest. When forbearance ceases, unpaid interest is capitalized and added to principal outstanding, and the borrower’s required payments are recalculated at a higher amount to pay off the loan, plus the additional accrued and capitalized interest, at the original stated interest rate by the original maturity date. There is no forgiveness of principal or interest, reduction in the interest rate or extension of the maturity date.
	Forbearance programs result in a delay in the timing of payments received from borrowers; however, assuming the collection of the forborne amounts, provide for an increase in the gross volume of cash receipts over the term of the education loan due to the additional accrued interest capitalized while in forbearance. Forbearance programs may have the effect of delaying default emergence, and alternative payment plans may reduce the utilization of basic forbearance.
	There have been no modifications granted which would constitute a troubled debt restructuring (TDR) as it relates to our education loan portfolio.

Mortgage_Loans_HeldtoMaturity

Mortgage Loans Held-to-Maturity	3 Months Ended
	Sep. 30, 2013
Mortgage Loans Held-to-Maturity	'
	(7) Mortgage Loans Held-to-Maturity
	(a) Gross Mortgage Loans Outstanding
	Through our bank subsidiary, Union Federal, we carry a portfolio of mortgage loans held-to-maturity. The following table summarizes the composition of the net carrying value of our mortgage loans held-to-maturity as of the dates indicated:
		September 30,			June 30,
		2013			2013
		(dollars in thousands)
	Gross loan principal outstanding	$	14,661		$	13,021
	Allowance for loan losses		(480	)		(440	)
	Deferred costs		58			48
	Mortgage loans held-to-maturity, net of allowance	$	14,239		$	12,629
	(b) Mortgage Loan Allowance for Loan Losses and the Related Provision for Loan Losses
	We recorded the following activity in the allowance for loan losses for mortgage loans:
		Three months ended
		September 30,
		2013			2012
		(dollars in thousands)
	Balance, beginning of period	$	440		$	498
	Provision for loan losses		40			58
	Net charge-offs		—			—
	Balance, end of period	$	480		$	556
	On a quarterly basis, we prepare an estimate of the allowance necessary to cover estimated credit losses. We maintain the allowance at a level that we deem adequate to absorb all reasonably anticipated losses from specifically known and other credit risks associated with the portfolio. We use a systematic methodology to measure the amount of estimated loan loss exposure inherent in the portfolio for purposes of establishing a sufficient allowance for loan losses. The methodology makes use of specific reserves, for loans individually evaluated and deemed impaired, and general reserves, for groups of loans with similar risk characteristics, which rely on a combination of qualitative and quantitative factors that could have an impact on the credit quality of the portfolio. Key qualitative factors that we deemed likely to cause estimated credit losses to differ from the historical charge-off rate included underlying collateral values and the current economic environment and conditions. We believe these to be the most significant qualitative factors; however, we recognize that additional issues may also impact the estimate of credit losses to some degree. On a quarterly basis, we re-evaluate the qualitative factors in use in order to consider the impact of other issues, which based on changing circumstances, may become more significant in the future.
	We place mortgage loans on non-accrual status when they become 90 days past due as to either principal or interest. The following table summarizes the aging of past due mortgage loans. The balances represent outstanding principal net of charge-offs.
		September 30,			June 30,
		2013			2013
		(dollars in thousands)
	Non-accrual loans:
	Residential (1-4 family)	$	1,029		$	570
	Commercial/mixed use		—			94
	Accruing loans:
	Accruing loans 30-59 days past due		444			560
	Accruing loans 60-89 days past due		114			—
	We did not have any mortgage loans greater than 90 days past due that were accruing interest.
	Impaired Loans
	A loan is impaired when, based on current information and events, it is probable that a creditor will be unable to collect all amounts due according to the contractual terms of the loan agreement. When a loan is impaired, we measure the extent of the impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, we measure impairment based on a loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. See Note 2, “Summary of Significant Accounting Policies,” in the notes to our consolidated financial statements included in Item 8 of Part II of our Annual Report for a description of our policy for recognizing interest income on impaired loans.
	The following tables set forth the recorded investment in impaired loans and the related specific allowance allocated as of the dates indicated:
		September 30, 2013
		Unpaid			Total recorded			Recorded investment		Recorded investment		Related allowance
		principal balance			investment in impaired			with no allowance		with allowance
					loans
		(dollars in thousands)
	Residential (1-4) family	$	1,628		$	1,387		$	343	$	1,044	$	221
	Commercial/mixed use		121			121			—		121		36
		$	1,749		$	1,508		$	343	$	1,165	$	257
	There were three impaired residential (1-4) family loans totaling $343 thousand with no specific reserve at September 30, 2013. Two of the impaired loans had no specific reserves due to partial charge-offs taken for the amounts determined to be uncollectible and one had no specific reserve as the balance was supported by expected future cash flows.
		June 30, 2013
		Unpaid			Total recorded			Recorded investment		Recorded investment		Related allowance
		principal balance			investment in impaired			with no allowance		with allowance
					loans
		(dollars in thousands)
	Residential (1-4) family	$	1,532		$	1,291		$	701	$	590	$	209
	Commercial/mixed use		340			215			94		121		36
		$	1,872		$	1,506		$	795	$	711	$	245
	There were four impaired residential (1-4) family loans totaling $701 thousand with no specific reserve at June 30, 2013. There was one impaired commercial/mixed use loan of $94 thousand with no specific reserve at June 30, 2013. These impaired loans had no specific reserves at June 30, 2013 due to partial charge-offs taken for the amounts determined to be uncollectible.
	The following table presents the average recorded investment in impaired loans and the related interest recognized during the three month periods indicated:
		Three months ended September 30,
		2013						2012
		Average			Interest			Average		Interest
		recorded			income			recorded		income
		investment			recognized			investment		recognized
		(dollars in thousands)
	Residential (1-4) family	$	1,389		$	13		$	1,734	$	7
	Commercial/mixed use		192			2			312		4
		$	1,581		$	15		$	2,046	$	11
Troubled Debt Restructurings
TDRs are loans where Union Federal, for economic reasons related to the borrower’s financial condition, has granted a significant concession to the borrower that it would not otherwise consider. TDRs can be classified as either accrual or non-accrual loans. The total recorded investment in TDR loans, included in the impaired loan figures above, was $1.1 million as of both September 30, 2013 and June 30, 2013. Union Federal continued to accrue interest on all TDR loans except for four loans totaling $568 thousand as of September 30, 2013 and five loans totaling $664 thousand as of June 30, 2013. Union Federal assigned $179 thousand and $176 thousand of specific reserves to loans classified as TDRs as of September 30, 2013 and June 30, 2013, respectively. TDR loans were assigned specific reserves in accordance with our allowance for loan loss methodology.
Union Federal executed a modification to one performing residential (1-4) family loan totaling $100 thousand during the three month period ended September 30, 2013. The loan was modified by reducing the interest rate to a below market rate. The modification became effective on October 1, 2013. Union Federal executed a modification to one non-performing residential (1-4) family loan totaling $110 thousand during the three months ended September 30, 2012. The loan was modified by reducing the interest rate as well as extending the term of the loan. The loan balances on each loan did not change significantly post modification.

Deposits_for_Participation_Int

Deposits for Participation Interest Accounts	3 Months Ended
	Sep. 30, 2013
Deposits for Participation Interest Accounts	'
	(8) Deposits for Participation Interest Accounts
	In connection with certain of our lender clients’ Monogram-based loan programs, we have provided credit enhancements by funding participation interest accounts (participation accounts) to serve as a first-loss reserve for defaulted program loans. We have made deposits toward our credit enhancement arrangements and agreed to provide periodic supplemental deposits, up to specified limits, during the disbursement periods under our loan program agreements based on the credit mix and volume of disbursed program loans and adjustments to default projections for program loans.
	Participation accounts serve as a first-loss reserve to the originating lenders for defaults experienced in Monogram-based loan program portfolios. As defaults occur, our lender clients withdraw the outstanding balance of defaulted principal and interest from the participation account applicable to their respective programs. As amounts are recovered from borrowers, those amounts are deposited back into the appropriate participation account, if applicable. Legal ownership of the defaulted education loan may be transferred to us or continue to be owned by the lender client, depending on the terms of the loan program agreement. Defaulted education loans transferred to us are immediately charged-off and the recoveries are deposited back to the applicable participation account regardless of our ownership of the education loan.
	Cash balances in the participation accounts earn interest at market rates applicable to commercial interest-bearing deposit accounts. In addition, participation account administration fees are deposited directly by our lender clients into the applicable participation accounts. These fees represent compensation to us for providing the credit enhancement, and are distributed from the participation accounts to us monthly and are not eligible to be used as credit enhancement. Interest and fees deposited into the participation accounts are not recognized as revenue in our consolidated statements of operations. Instead, accretion due to discounting and other changes in fair value are recognized in revenue.
	To the extent that the credit enhancement balance in participation accounts is in excess of contractually required amounts, as a result of declining loan balances, or if actual loan volumes or default experience are less than our funded amounts, we are eligible to receive periodic releases of funds, in addition to the monthly participation account administration fee, pursuant to the terms of the applicable loan program agreement. The timing and amount of releases, if any, from the participation accounts are uncertain and vary among the loan programs.
	We carry participation accounts at fair value on our consolidated balance sheet. Fair value is equal to the amount of cash on deposit in the participation account adjusted for unrealized gains or losses. Due to the lack of availability of market prices for financial instruments of this type, we estimate unrealized gains and unrealized losses related to the participation accounts based on the net present value of expected future cash flows into and out of the account related to education loans originated as of our consolidated balance sheet date, using an estimate of prepayments, defaults and recoveries, and the timing of the return of our capital, if any, at a discount rate commensurate with the risks and durations involved. We record changes in estimated fair value of participation accounts, if any, in non-interest revenues as part of administrative and other fees.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2013
Fair Value Measurements	'
	(9) Fair Value Measurements
	(a) Financial Instruments Recorded at Fair Value on our Consolidated Balance Sheets
	For financial instruments recorded at fair value on our consolidated balance sheets, we base that financial instrument’s categorization within the valuation hierarchy upon the lowest level of input that is significant to the fair value measurement. During the first three months of fiscal 2014 and the first three months of fiscal 2013, there were no transfers between the hierarchy levels.
	The following is a description of the valuation methodologies used for financial instruments recorded at fair value on our consolidated balance sheets:
	Investments Available-for-Sale
	We utilize a third-party pricing vendor to provide valuations on our investments available-for-sale, which include GSE mortgage-backed securities and mortgage-backed securities issued by U.S. government agencies. Fair values as provided by the vendor are generally determined based upon available direct market data (including trades, covers, bids, offers and price talk) along with market data for similar securities (including indices and market research). Prepayment/default projections based on historical statistics of the underlying collateral and current market data are also used by the vendor in determining a price for the securities. Management regards the inputs and methods used by the third-party pricing vendor to be Level 2 inputs and methods in the valuation hierarchy. We periodically obtain a secondary source to assess the reasonableness of prices provided by our primary pricing vendor.
	Participation Interest Account Deposits
	We record participation account deposits at fair value using cash flow modeling techniques as they do not have available market prices. As such, we estimated fair value using the net present value of expected future cash flows. At both September 30, 2013 and June 30, 2013, the fair value of deposits for participation accounts was not materially different from the cash balance of the underlying interest-bearing deposits. These assets are classified within Level 3 of the valuation hierarchy. Our significant unobservable inputs are discussed below.
	Service Revenue Receivables
	We record our service revenue receivables at fair value on our consolidated balance sheets. Our service revenue receivables consist of additional structural advisory fees and residual receivables and represent the estimated fair value of our service revenue receivables expected to be collected over the life of the various securitization trusts that have purchased education loans facilitated by us, with no further service obligations on our part. Changes in the estimated fair value of our service revenue receivables due, less any cash distributions received, are recorded in our consolidated statements of operations within the fair value changes to service revenue receivables.
	In the absence of market-based transactions, we use cash flow modeling techniques to derive a Level 3 estimate of fair value for financial reporting purposes. Significant observable and unobservable inputs used to develop our fair value estimates include, but are not limited to, recovery, net default and prepayment rates, discount rates and the forward London Interbank Offered Rate (LIBOR) curve. These inputs have not changed significantly from June 30, 2013. Our significant unobservable inputs are discussed below.
	The following table presents financial instruments carried at fair value on our consolidated balance sheets, in accordance with the valuation hierarchy described above, on a recurring basis:
		September 30, 2013												June 30, 2013
		Level 1			Level 2			Level 3			Total			Level 1		Level 2		Level 3		Total
											carrying									carrying
											value									value
		(dollars in thousands)
	Assets:
	Investments available-for-sale	$	—		$	80,311		$	—		$	80,311		$	—	$	84,782	$	—	$	84,782
	Deposits for participation interest accounts		—			—			18,784			18,784			—		—		13,147		13,147
	Service revenue receivables		—			—			13,913			13,913			—		—		14,817		14,817
	Total assets	$	—		$	80,311		$	32,697		$	113,008		$	—	$	84,782	$	27,964	$	112,746
	The following table presents activity related to our financial assets categorized as Level 3 of the valuation hierarchy, valued on a recurring basis, for the three months ended September 30, 2013 and 2012. All realized and unrealized gains and losses recorded during the periods presented relate to assets still held at our consolidated balance sheet date. There have been no transfers in or out of Level 3 of the hierarchy, or between Levels 1 and 2, for the periods presented.
		Three months ended September 30,
		2013						2012
		Deposits for			Service			Deposits for			Service
		participation			revenue			participation			revenue
		interest			receivables			interest			receivables
		accounts						accounts
		(dollars in thousands)
	Fair value, beginning of period	$	13,147		$	14,817		$	4,039		$	16,341
	Realized and unrealized gains (losses)		(71	)		445			(26	)		838
	Net contributions (distributions)		5,708			(1,349	)		4,966			(1,112	)
	Fair value, end of period	$	18,784		$	13,913		$	8,979		$	16,067
	The following table presents additional quantitative information about the assets measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine fair value at September 30, 2013:
	Asset	Fair Value			Valuation Techniques		Significant Unobservable Inputs	Range
		(dollars in
		thousands)
	Deposits for participation interest accounts	$	18,784		Discounted cash flows		Discount rate	8-15%
							Annual prepayment rates	5-12%
							Annual net recovery rates	2.67%
							Annual default rates	0-2.25%
	Service revenue receivables	$	13,913		Discounted cash flows		Discount rate	10-16%
							Annual prepayment rates	3-9%
							Annual net recovery rates	2-2.5%
							Annual default rates	1-10%
	(b) Level 3 Inputs Used to Determine Fair Value
	The unobservable inputs used to determine the fair value of our service revenue receivables and participation accounts include, but are not limited to, discount rates, prepayment rates, recovery rates and default rates. The forward LIBOR curve is a key observable input utilized in determining the fair value of expected future cash flows from these assets. There have been no significant changes in these inputs from June 30, 2013.
	Sensitivity to Changes in Assumptions
	The service revenue receivables recorded at September 30, 2013 and June 30, 2013 were related to certain of the securitization trusts we previously facilitated. Substantially all of the loans held by these securitization trusts have guarantees from schools, and, in some cases, from a third party bank. These guarantees help to partially mitigate the overall impact of defaults and sensitivity to changes in default activity to the residual interest and additional structural advisory fee holders. In addition, the recoveries on guaranteed defaults are returned back to the schools or banks, as applicable, not the residual interest and additional structural advisory fee holders, therefore, limiting the impact and sensitivity of the holders to recoveries. Further, due to the seasoning of these trusts, many of the residual interests and additional structural advisory fees have relatively short weighted-average lives and are currently cash-flowing, and, as such, are not significantly impacted by other assumptions, such as discount rates.
	(c) Fair Values of Other Financial Instruments
	Fair value estimates for financial instruments not carried at fair value on our consolidated balance sheets are generally subjective in nature, and are made as of a specific point in time based on the characteristics of the financial instruments and relevant market information. The fair value estimates for the financial instruments disclosed below do not necessarily incorporate the exit price concept used to record financial instruments at fair value on our consolidated balance sheets.
	Cash and Cash Equivalents, Short-term Investments, Restricted Cash and Restricted Funds Due to Clients
	The carrying amount approximates fair value principally due to the short maturities of these instruments.
	Mortgages
	The fair value of the fixed-rate mortgage portfolio was determined by discounting the cash flows using rates obtained from a third party as of our consolidated balance sheet date. The fair value of the variable-rate portfolio was determined by discounting the scheduled cash flows through the estimated maturity of the loans using the interest rates offered as of our consolidated balance sheet date that reflect the current interest rate inherent in the loans. This method of estimating fair value does not incorporate the exit price concept of fair value. Mortgage loans were classified within Level 3 of the fair value hierarchy.
	Education Loans
	The fair value of education loans was determined by discounting the scheduled cash flows through the estimated maturity of the loans using interest rates offered as of our balance sheet date that reflect the credit and interest rate risk inherent in the loans. The estimate of maturity was based on our historical repayment experience. Since the education loans held were principally variable-rate, carrying value approximates fair value. This method of estimating fair value does not incorporate the exit price concept of fair value. Education loans were classified within Level 3 of the fair value hierarchy.
	Time Deposits
	The fair value of time deposits was determined by discounting the scheduled cash flows using the rates we offered as of our consolidated balance sheet date for deposits with similar remaining maturities or rates of our competitors. In determining our offering rates, we compare our rates on a continuous basis to other banks and competitors. As such, time deposits were classified within Level 2 of the fair value hierarchy.
	Savings, Checking and Money Market Deposits
	The fair value of our savings, checking and money market deposits with no stated maturity were equal to the amounts payable upon demand.
	The following tables present the carrying amount, estimated fair value and placement in the fair value hierarchy for our financial instruments not measured at fair value on our consolidated balance sheets at September 30, 2013 and June 30, 2013:
September 30, 2013	Carrying			Estimated			Fair Value Measurements
	Amount			Fair Value			Level 1			Level 2			Level 3
	(dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	67,669		$	67,669		$	67,669		$	—		$	—
Short-term investments		50,204			50,204			50,204			—			—
Restricted cash		114,113			114,113			114,113			—			—
Education loans, net of allowance		70,436			70,668			—			—			70,668
Mortgage loans, net of allowance		14,239			14,207			—			—			14,207
Financial Liabilities:
Time deposits	$	32,055		$	32,342		$	—		$	32,342		$	—
Savings, checking and money market deposits		133,433			133,433			133,433			—			—
Restricted funds due to clients		113,978			113,978			113,978			—			—
June 30, 2013	Carrying			Estimated			Fair Value Measurements
	Amount			Fair Value			Level 1			Level 2			Level 3
	(dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	81,910		$	81,910		$	81,910		$	—		$	—
Short-term investments		55,179			55,179			55,179			—			—
Restricted cash		87,338			87,338			87,338			—			—
Education loans, net of allowance		62,996			63,197			—			—			63,197
Mortgage loans, net of allowance		12,629			12,538			—			—			12,538
Financial Liabilities:
Time deposits	$	38,922		$	39,273		$	—		$	39,273		$	—
Savings, checking and money market deposits		125,055			125,055			125,055			—			—
Restricted funds due to clients		86,994			86,994			86,994			—			—

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets	'
	(10) Goodwill and Intangible Assets
	(a) Cology LLC
	Cology LLC completed its acquisition of a substantial portion of the operating assets of the Cology Sellers during the second quarter of fiscal 2013. We recorded a customer list intangible asset of $5.7 million for the approximately 250 credit union and other lender clients that the Cology Sellers did business with as of the acquisition date along with $518 thousand of goodwill. Our customer list intangible asset will be amortized over a 15-year period on a straight line basis. We expect amortization expense related to the Cology LLC intangible asset to be approximately $377 thousand per year. We expect amortization of the intangible asset and goodwill to be fully deductible for income tax purposes over a 15-year period. We recorded no goodwill or intangible asset impairment through September 30, 2013.
	(b) TMS
	We completed our acquisition of TMS during fiscal 2011. We recorded goodwill of $22.2 million at the acquisition date. On June 30, 2011, TMS sold a portfolio of contracts with K-12 schools to Nelnet Business Solutions, Inc. in a transaction that eliminated $2.6 million of goodwill and decreased our customer list intangible asset by $4.1 million. As a result, $19.5 million of goodwill remained at both September 30, 2013 and June 30, 2013 and the adjusted cost basis of our customer list intangible was $17.9 million. We recorded no goodwill or intangible asset impairment through September 30, 2013.
	(c) Intangible Assets
	Intangible assets at September 30, 2013 consisted of the following:
		Amortization		Adjusted cost		Accumulated			Net
		period		basis		amortization
		(in years)		(dollars in thousands)
	Intangible assets:
	Customer list		15	$	23,600	$	(3,668	)	$	19,932
	Technology		6		4,400		(2,348	)		2,052
	Tradename		15		1,950		(356	)		1,594
	Total intangible assets at September 30, 2013			$	29,950	$	(6,372	)	$	23,578
	Amortization expense recorded for the first three months of fiscal 2014 was $615 thousand.
	Estimated annual amortization expense for the remainder of fiscal 2014 and each fiscal year thereafter is as follows:
		Customer list		Technology		Tradename			Total
		(dollars in thousands)
	Estimated amortization expense:
	Remainder of 2014	$	1,179	$	531	$	99		$	1,809
	2015		1,573		608		130			2,311
	2016		1,573		608		130			2,311
	2017		1,573		305		130			2,008
	2018		1,573		—		130			1,703
	Thereafter		12,461		—		975			13,436
	Total	$	19,932	$	2,052	$	1,594		$	23,578

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2013
Commitments and Contingencies	'
	(11) Commitments and Contingencies
	(a) Income Tax Matters
	Internal Revenue Service Audit
	Effective March 31, 2009, we completed the sale of the trust certificate of NC Residuals Owners Trust (the Trust Certificate). In connection with the sale of the Trust Certificate, FMD entered into an asset services agreement (the Asset Services Agreement) pursuant to which FMD provided various consulting and advisory services to the purchaser of the Trust Certificate. As a result of the sale of the Trust Certificate, as well as our operating losses incurred in fiscal 2009, we recorded an income tax receivable for federal income taxes paid on taxable income in prior fiscal years. In fiscal 2010, we received a total of $189.3 million in federal and state income tax refunds related to our income tax receivables. In April 2010, the Internal Revenue Service (IRS) commenced an audit of our tax returns for fiscal 2007 through fiscal 2009, including a review of the tax treatment of the sale of the Trust Certificate and the federal tax refunds previously received in the amount of $176.6 million. Such audits are consistent with the practice of the Joint Committee of Taxation, which requires the IRS to perform additional procedures for a taxpayer who receives a tax refund in excess of $2.0 million, which may include an audit of such taxpayer’s tax return. The IRS is also auditing our fiscal 2010 tax return in light of the $45.1 million income tax refund that we received in October 2010. We cannot predict the timing or the outcome of the IRS audit.
	We announced on August 15, 2013 that, as part of the audit process, we expected to receive a Notice of Proposed Adjustment (NOPA) from the IRS. On September 10, 2013 we received two NOPAs from the IRS that contain the proposed adjustments that we announced on August 15, 2013. In the NOPAs, the IRS asserts that our sale of the Trust Certificate should not be recognized for federal income tax purposes primarily because we retained the economic benefits and burdens of the Trust Certificate, including, among other things, retaining certain repurchase rights and data rights. The IRS further concludes that the transaction should be characterized as a financing instead of a sale and asserts that the sale of the Trust Certificate and the execution of the Asset Services Agreement had the impact of converting taxable income to the owner from an accrual basis to a cash basis. As a result, the NOPAs propose to disallow the loss that generated the tax refunds that we previously received as well as require us to include income from the Trust Certificate from the March 31, 2009 sale date through June 30, 2011 in our taxable income for such years. If the IRS’ positions are successful, the disallowance of the loss, coupled with the additional taxable income after the sale date through June 30, 2011, would create federal income tax adjustments that we estimate to be approximately $300.0 million, excluding interest until such matter is resolved. The NOPAs neither address tax years beyond June 30, 2011 nor the assessment of penalties, if any.
	The ongoing IRS audit or any other investigation, audit, appeals proceeding or suit relating to the sale of the Trust Certificate could result in substantial costs. A state taxing authority could also challenge our tax position in connection with the transactions, notwithstanding our receipt of any income tax refund.
	The determination of whether or not to accrue a liability, if any, requires a significant amount of judgment and entails by necessity, the need to incorporate estimates. We have considered the requirements of ASC 740, Income Taxes, the impact of the NOPAs, along with other information supporting our overall tax position, in our assessment of the ultimate outcome of this matter with the IRS, and based on our analysis, we did not record an accrual related to this matter in our unaudited consolidated financial statements at September 30, 2013. Such an accrual, if it becomes necessary, could be significant and material to our consolidated financial statements.
	We plan to vigorously contest the proposed adjustments, and we believe we have a strong position as it relates to this matter. The process of resolving this issue, which may include an appeals process with the IRS and litigation in the U.S. Tax Court and the U.S. Court of Appeals, may extend over multiple years depending on how it progresses through the IRS and, if necessary, the courts. Assuming this matter advances unresolved through the IRS’ administrative process and the courts, we are not required to make tax payments, if any, until the matter is fully resolved, which may be several years from now. However, if we receive an unfavorable outcome from the U.S. Tax Court and appeal, we must post a bond in order to prevent collection of the tax deficiency.
	Massachusetts Appellate Tax Board Matters
	We are involved in several matters relating to the Massachusetts tax treatment of GATE Holdings, Inc. (GATE), a former subsidiary of FMD. We took the position in proceedings before the Massachusetts Appellate Tax Board (ATB) that GATE was properly taxable as a financial institution and not as a business corporation and was entitled to apportion its income under applicable provisions of Massachusetts tax law. The Massachusetts Commissioner of Revenue (Commissioner) took alternative positions: that GATE was properly taxable as a business corporation, or that GATE was taxable as a financial institution, but was not entitled to apportionment or was subject to 100% Massachusetts apportionment. In September 2007, we filed a petition with the ATB seeking a refund of state taxes paid for our taxable year ended June 30, 2004, all of which taxes had previously been paid as if GATE were a business corporation. In December 2009, the Commissioner made additional assessments of taxes, along with accrued interest, of approximately $11.9 million for GATE’s taxable years ended June 30, 2004, 2005 and 2006, and approximately $8.1 million for our taxable years ended June 30, 2005 and 2006. For the 2005 and 2006 taxable years, only one of the two assessments made by the Commissioner would ultimately be allowed. In March 2010, we filed petitions with the ATB contesting the additional assessments against GATE and us. In April 2011, the ATB held an evidentiary hearing on the foregoing, and the parties filed their final briefs in September 2011. On November 9, 2011, the ATB issued an order (ATB Order) regarding these proceedings. The ATB Order reflected the following rulings and findings:
		•	GATE was properly taxable as a financial institution, rather than a business corporation, for each of the tax years at issue;
		•	GATE was entitled to apportion its income under applicable provisions of Massachusetts tax law for each of the tax years at issue;
		•	GATE properly calculated one of the two applicable apportionment factors used to calculate GATE’s financial institution excise tax;
		•	GATE incorrectly calculated the other apportionment factor, which we refer to as the Property Factor, by excluding all income from trust-owned education loans outside of Massachusetts rather than including such income for the purposes of GATE’s Massachusetts state tax returns; and
		•	All penalties assessed to FMD and GATE were abated.
	In connection with the ATB Order, as well as the expiration of the statute of limitations applicable to GATE’s taxable year ended June 30, 2007, we recognized an income tax benefit of $12.5 million during the second quarter of fiscal 2012. In the third quarter of fiscal 2012, we made a $5.1 million payment that satisfied our obligation to the Massachusetts Department of Revenue for GATE’s taxable years ended June 30, 2004, 2005 and 2006.
	On April 17, 2013, the ATB issued its opinion confirming the rulings and findings included in the ATB Order (the ATB Opinion). We had argued that the loan servicers’ activities, which were conducted outside of Massachusetts on behalf of the trusts, determined the location of the loans for purposes of the Property Factor. The ATB disagreed and determined that the loan servicers’ activities should not be attributed to GATE and further determined that, for purposes of the Property Factor, the trust-owned education loans were located in Massachusetts, GATE’s commercial domicile.
	On July 22, 2013, we filed an appeal of the ATB’s findings with regard to the Property Factor in the Massachusetts Appeals Court. The Commissioner has decided not to appeal the ATB’s other findings. If we are unsuccessful in an appeal of the ATB Order, we could be required to make additional tax payments, including interest, as discussed below, for GATE’s taxable years ended June 30, 2008 and 2009, which could materially adversely affect our liquidity position.
	On June 29, 2013, the Massachusetts Department of Revenue delivered a notice of intent to assess for our taxable years ended June 30, 2008 and 2009. This assessment included approximately $822 thousand of additional tax liability and an assessment for penalties of $4.1 million. We have accrued for the additional tax liability, including interest, but have not accrued for the penalties as we believe that it is more likely than not that the penalties will ultimately be abated, which is consistent with the Massachusetts Department of Revenue’s treatment of our taxable years ended June 30, 2004, 2005 and 2006. As of September 30, 2013, we have accrued a total of $25.4 million, including interest, related to the 2008 and 2009 tax returns for GATE, which amount was included in income taxes payable on our consolidated balance sheet. We cannot predict the outcome of this matter or the timing of such payments, if any, at this time.
	(b) Federal Class Action Lawsuits
	On August 28, 2013, a purported class action was filed in the United States District Court for the District of Massachusetts against FMD, Daniel Meyers, FMD’s Chief Executive Officer and Chairman of the FMD Board of Directors, and Kenneth Klipper, FMD’s Chief Financial Officer and one of FMD’s Managing Directors. The action is entitled Smith v. The First Marblehead Corp. et al., Civ. A. No. 13-cv-12121-PBS (D. Mass.). The plaintiff alleges, among other things, that the defendants made false and misleading statements and failed to disclose material information in various SEC filings, press releases and other public statements concerning our corporate income tax filings. The complaint alleges various claims under the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder. The complaint seeks, among other relief, class certification, unspecified damages, fees and such other relief as the court may deem just and proper. No class has been certified in the above action.
	On October 23, 2013, a different plaintiff filed a related derivative action in the same court against Daniel Meyers, Kenneth Klipper and current or former members of FMD’s Board of Directors Peter Drotch, George Daly, William Hansen, Thomas Eddy, Dort Cameron III, Nancy Bekavac, Stephen Anbinder, Peter Tarr, William Berkley, and Henry Cornell. The action is entitled Noel v. Daniel Meyers, et al., Civ. A. No. 13-cv-12683-PBS (D. Mass.). The plaintiff alleges, among other things, that the defendants breached their fiduciary duties to FMD by making, or not preventing, purported false and misleading statements concerning FMD’s corporate income tax filings. The plaintiff also asserts claims for unjust enrichment and corporate waste. The complaint seeks, among other relief, a return of all damages purportedly sustained by FMD as well as changes to corporate governance policies and procedures.
	The defendants in each action intend to vigorously defend themselves. There can be no assurance, however, that the defense will be successful, and adverse developments and/or an adverse resolution of either lawsuit could have a material effect on our consolidated financial position and results of operations. We are not presently able to estimate potential losses, if any, related to the lawsuits and, although we carry insurance for these types of claims, a judgment significantly in excess of our insurance coverage could be material to our consolidated financial statements.
	(c) Indemnifications—Sale of FMDS
	In connection with the sale of our trust administrator, First Marblehead Data Services, Inc. (FMDS) in the third quarter of fiscal 2012, we have agreed to indemnify the buyer for breaches of representations, warranties and covenants, subject to certain terms, conditions and exceptions.
	The buyer’s rights to indemnification with respect to breaches of certain of our representations and warranties in the purchase agreement (the Fundamental Representations) are subject to a cap equal to the purchase price. The Fundamental Representations include representations and warranties by FMD with regard to its organization, its authorization of the transaction, the absence of broker’s fees and its ownership of the shares of capital stock of FMDS. The Fundamental Representations also include representations and warranties by FMD with regard to FMDS’ organization, qualification and corporate power, FMDS’ capitalization, the absence of broker’s fees, the absence of subsidiaries and certain tax matters.
	The buyer’s rights to indemnification would not be subject to the purchase price cap in the case of any breach or nonperformance by us of any of our covenants or obligations set forth in the purchase agreement. In addition, we have agreed to provide a separate, unconditional indemnity with regard to tax matters related to FMDS arising prior to the closing date, including the audit currently being conducted by the IRS, as discussed above. This special indemnity is also not subject to the purchase price cap. Finally, we have agreed to indemnify and defend the buyer from certain other specified matters. The buyer’s rights to such indemnification would be initially capped at the purchase price, and the applicable cap would then decrease over time. We believe that at the time of the sale of FMDS and at September 30, 2013, the likelihood of making any payment under these indemnifications was remote. As such, the fair value of any such liability for the indemnifications would, therefore, also be immaterial to our consolidated financial statements.
	(d) Performance Guaranty
	In connection with Union Federal’s sale of an education loan portfolio in October 2009, FMD delivered a performance guaranty pursuant to which FMD guarantees the performance by Union Federal of its obligations and agreements, including its indemnification or loan repurchase obligations, under the loan purchase and sale agreement relating to the transaction. We were not aware of any contingencies existing at September 30, 2013 that were both probable and estimable for which we would record a reserve, nor can we estimate a range of possible losses at this time.
	(e) Indemnifications—Union Federal
	In April 2010, FMD and certain of its subsidiaries entered into agreements relating to the restructuring of the education loan warehouse facility of FMD’s indirect subsidiary, UFSB Private Loan SPV, LLC. In connection with the restructuring, FMD agreed, among other things, to provide a separate indemnity for third-party claims by or on behalf of borrowers against the third-party conduit lender based on loan origination errors under the facility. We were not aware of any contingencies existing at our consolidated balance sheet date that were both probable and estimable for which we would record a reserve, nor can we estimate a range of possible losses at this time.
	(f) Other
	We are involved from time to time in routine legal proceedings occurring in the ordinary course of business. In the opinion of management, there are no matters outstanding, other than those discussed above under “—Income Tax Matters,” and “—Federal Class Action Lawsuits,” that could have a material adverse impact on our operations or financial condition.

Net_Loss_per_Share

Net Loss per Share	3 Months Ended
	Sep. 30, 2013
Net Loss per Share	'
	(12) Net Loss per Share
	The following table sets forth the computation of basic and diluted net loss per share of common stock:
		Three months ended September 30,
		2013			2012
		(dollars and shares in thousands, except per
		share amounts)
	Net loss available and allocated to common shares outstanding	$	(11,554	)	$	(13,932	)
	Net loss per basic and diluted common share	$	(0.10	)	$	(0.14	)
	Basic and diluted weighted average common shares outstanding		112,142			102,061
	Anti-dilutive common stock equivalents		530			8,870
	For the periods in which a net loss was incurred, common stock equivalents are considered anti-dilutive, and, therefore, are excluded from diluted weighted-average shares outstanding. Common stock equivalents include restricted stock units, stock options and, for the three months ended September 30, 2012, Series B Non-Voting Convertible Preferred Stock, $0.01 par value per share. For the stock options outstanding, the conversion or exercise price exceeds fair market value at the reporting date.

Union_Federal_Regulatory_Matte

Union Federal Regulatory Matters	3 Months Ended
	Sep. 30, 2013
Union Federal Regulatory Matters	'
	(13) Union Federal Regulatory Matters
	Union Federal is a federally-chartered thrift that is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in initiation of certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on our liquidity. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Union Federal must meet specific capital guidelines that involve quantitative measures of Union Federal’s assets and liabilities as calculated under regulatory accounting practices. The capital amounts and classifications, however, are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Union Federal’s equity capital was $22.5 million and $21.6 million at September 30, 2013 and June 30, 2013, respectively. During the three months ended September 30, 2013, Union Federal received capital contributions of $450 thousand from FMD.
	Quantitative measures established by regulation to ensure capital adequacy require Union Federal to maintain minimum amounts and ratios of total capital and Tier 1 capital to risk-weighted assets (each as defined in the regulations). As of September 30, 2013 and June 30, 2013, Union Federal was well capitalized under the regulatory framework for prompt corrective action.
	Union Federal’s regulatory capital ratios were as follows as of the dates below:
		Regulatory Guidelines
		Minimum			Well			September 30,			June 30,
					capitalized			2013			2013
	Capital ratios:
	Tier 1 risk-based capital		4	%		6	%		24.2	%		25.2	%
	Total risk-based capital		8			10			25			26
	Tier 1 (core) capital		4			5			12			11.7
	FMD is subject to regulation, supervision and examination by the Board of Governors of the Federal Reserve System (Federal Reserve) as a savings and loan holding company, and Union Federal is subject to regulation, supervision and examination by the OCC.
	The OCC regulates all capital distributions by Union Federal directly or indirectly to FMD, including dividend payments. Union Federal is required to file a notice with the OCC at least 30 days before the proposed declaration of a dividend or approval of a proposed capital distribution by Union Federal’s Board of Directors. Union Federal must file an application to receive the approval of the OCC for a proposed capital distribution when, among other circumstances, the total amount of all capital distributions (including the proposed capital distribution) for the applicable calendar year exceeds net income for that year to date plus the retained net income for the preceding two years.
	A notice or application to make a capital distribution by Union Federal may be disapproved or denied by the OCC if it determines that, after making the capital distribution, Union Federal would fail to meet minimum required capital levels or if the capital distribution raises safety or soundness concerns or is otherwise restricted by statute, regulation or agreement between Union Federal and the OCC, or a condition imposed by an OCC agreement. Under the Federal Deposit Insurance Corporation Improvement Act (FDICIA), a Federal Depository Insurance Corporation-insured depository institution such as Union Federal is prohibited from making capital distributions, including the payment of dividends, if, after making such distribution, the institution would become “undercapitalized” (as such term is used in the FDICIA).
	In March 2010, the FMD Board of Directors adopted resolutions required by the U.S. Office of Thrift Supervision (OTS), Union Federal’s regulator at that time, undertaking to support the implementation by Union Federal of its business plan, so long as Union Federal is owned or controlled by FMD, and to notify the OTS (and now the OCC effective in fiscal 2012) in advance of any distribution to FMD’s stockholders in excess of $1.0 million per fiscal quarter and any incurrence or guarantee of debt in excess of $5.0 million. These resolutions continue to be applied by the Federal Reserve. Distribution to FMD’s stockholders may be further restricted by the Federal Reserve’s required approval in those instances when such distributions exceed the net earnings of the prior 12-month period.

General_Information_Policies

General Information (Policies)	3 Months Ended
	Sep. 30, 2013
Basis of Financial Reporting	'
	Basis of Financial Reporting
	The accompanying unaudited consolidated financial statements as of and for the three months ended September 30, 2013 have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of the results for fiscal 2014. The accompanying unaudited consolidated financial statements should be read in conjunction with our Annual Report.
Recently Issued Accounting Pronouncements	'
	Recently Issued Accounting Pronouncements
	Accounting Standards Update (ASU) 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (ASU 2013-02), is effective prospectively for annual reporting periods beginning after December 15, 2012 and interim periods within those years. ASU 2013-02 requires an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income or as a separate disclosure in the notes to the financial statements. As ASU 2013-02 only addresses disclosure requirements and we had no reclassifications out of accumulated other comprehensive income during the period, our adoption of ASU 2013-02 in July 2013 did not have an impact on our consolidated financial statements.
	ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11), is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. ASU 2013-11 requires an entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward, or similar tax loss or tax credit carryforward, rather than as a liability when (1) the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction and (2) the entity intends to use the deferred tax asset for that purpose. We do not expect the adoption of ASU 2013-11 to have a material impact on our consolidated financial statements.
	We do not expect any other recently issued, but not yet effective, accounting pronouncements to have a material impact on our consolidated financial statements.
Summary of Significant Accounting Policies	'
	Summary of Significant Accounting Policies
	There have been no changes to our significant accounting policies since we filed our Annual Report with the SEC on September 13, 2013. See Note 2, “Summary of Significant Accounting Policies,” in the notes to our consolidated financial statements included in Item 8 of Part II of our Annual Report for the full disclosure of our significant accounting policies.

Cash_and_Cash_Equivalents_Tabl

Cash and Cash Equivalents (Tables)	3 Months Ended
	Sep. 30, 2013
Summary of Cash and Cash Equivalents	'
	The following table summarizes our cash and cash equivalents:
		September 30, 2013		June 30, 2013
		(dollars in thousands)
	Cash equivalents (money market funds)	$	35,250	$	33,032
	Interest-bearing deposits with the Federal Reserve		24,338		24,906
	Interest-bearing deposits with banks		6,072		22,438
	Non-interest-bearing deposits with banks		1,809		1,334
	Federal funds sold		200		200
	Total cash and cash equivalents	$	67,669	$	81,910

Investments_AvailableforSale_T

Investments Available-for-Sale (Tables)	3 Months Ended
	Sep. 30, 2013
Summary of Investments Available-For-Sale by Major Security Category	'
	The following table provides a summary of investments available-for-sale by major security type:
		Amortized cost			Unrealized gains			Unrealized losses			Fair value
		(dollars in thousands)
	At September 30, 2013:
	GSE mortgage-backed securities	$	68,459		$	322		$	(999	)	$	67,782
	Mortgage-backed securities issued by U.S. government agencies		12,611			99			(181	)		12,529
	Total	$	81,070		$	421		$	(1,180	)	$	80,311
	At June 30, 2013:
	GSE mortgage-backed securities	$	71,970		$	294		$	(1,020	)	$	71,244
	Mortgage-backed securities issued by U.S. government agencies		13,554			153			(169	)		13,538
	Total	$	85,524		$	447		$	(1,189	)	$	84,782
Contractual Maturities of Available for Sale Securities by Maturity	'
	The amortized cost basis of securities available-for-sale by maturity as of September 30, 2013 is presented below. Mortgage-backed securities were classified below based on the security’s weighted-average maturity, adjusted for anticipated prepayments. Contractual maturities on the mortgage-backed securities range from eight to 29 years.
		September 30, 2013
		Due in			Due after			Due after			Total
		one			one year			five
		year			but			years but
		or less			within			within
					five years			ten years
		(dollars in thousands)
	Securities available-for-sale:
	GSE mortgage-backed securities:
	Amortized cost	$	39		$	45,044		$	23,376		$	68,459
	Weighted average yield		0.59	%		1.99	%		1.79	%		1.92	%
	Mortgage-backed securities issued by U.S. government agencies:
	Amortized cost	$	—		$	12,611		$	—		$	12,611
	Weighted average yield		—	%		2.42	%		—	%		2.42	%
	Total debt securities:
	Amortized cost	$	39		$	57,655		$	23,376		$	81,070
	Weighted average yield		0.59	%		2.08	%		1.79	%		2	%
	Fair value	$	39		$	56,989		$	23,283		$	80,311

Education_Loans_HeldtoMaturity1

Education Loans Held-to-Maturity (Tables)	3 Months Ended
	Sep. 30, 2013
Composition of Net Carrying Value of Education Loans Held-to-Maturity	'
	The following table summarizes the composition of the net carrying value of our education loans held-to-maturity as of the dates indicated:
		September 30,			June 30,
		2013			2013
		(dollars in thousands)
	Gross loan principal outstanding	$	72,135		$	64,655
	Allowance for loan losses		(1,699	)		(1,659	)
	Education loans held-to-maturity, net of allowance	$	70,436		$	62,996
Loan Origination Metrics With Respect To Monogram-Based Portfolios Held at Union Federal	'
	The following table represents our loan origination metrics with respect to our Monogram-based portfolios held at Union Federal at September 30, 2013 and June 30, 2013:
		September 30,			June 30,
		2013			2013
	Weighted-average FICO score		753			752
	Co-signers		83	%		83	%
	Delinquent loans		0.78	%		0.45	%

Mortgage_Loans_HeldtoMaturity_

Mortgage Loans Held-to-Maturity (Tables)	3 Months Ended
	Sep. 30, 2013
Portfolio of Mortgage Loans Held to Maturity	'
	The following table summarizes the composition of the net carrying value of our mortgage loans held-to-maturity as of the dates indicated:
		September 30,			June 30,
		2013			2013
		(dollars in thousands)
	Gross loan principal outstanding	$	14,661		$	13,021
	Allowance for loan losses		(480	)		(440	)
	Deferred costs		58			48
	Mortgage loans held-to-maturity, net of allowance	$	14,239		$	12,629
Impaired Financing Receivables	'
	The following tables set forth the recorded investment in impaired loans and the related specific allowance allocated as of the dates indicated:
		September 30, 2013
		Unpaid			Total recorded			Recorded investment		Recorded investment			Related allowance
		principal balance			investment in impaired			with no allowance		with allowance
					loans
		(dollars in thousands)
	Residential (1-4) family	$	1,628		$	1,387		$	343	$	1,044		$	221
	Commercial/mixed use		121			121			—		121			36
		$	1,749		$	1,508		$	343	$	1,165		$	257
		June 30, 2013
		Unpaid			Total recorded			Recorded investment		Recorded investment			Related allowance
		principal balance			investment in impaired			with no allowance		with allowance
					loans
		(dollars in thousands)
	Residential (1-4) family	$	1,532		$	1,291		$	701	$	590		$	209
	Commercial/mixed use		340			215			94		121			36
		$	1,872		$	1,506		$	795	$	711		$	245
	The following table presents the average recorded investment in impaired loans and the related interest recognized during the three month periods indicated:
		Three months ended September 30,
		2013						2012
		Average			Interest			Average		Interest
		recorded			income			recorded		income
		investment			recognized			investment		recognized
		(dollars in thousands)
	Residential (1-4) family	$	1,389		$	13		$	1,734	$	7
	Commercial/mixed use		192			2			312		4
		$	1,581		$	15		$	2,046	$	11
Education Loans	'
Activity in Allowance for Loan Losses	'
	We recorded the following activity in the allowance for loan losses for education loans:
		Three months ended
		September 30,
		2013			2012
		(dollars in thousands)
	Balance, beginning of period	$	1,659		$	1,309
	Provision (credit) for loan losses		134			(131	)
	Reserves reclassified from interest receivable for capitalized interest		7			15
	Charge-offs		(117	)		(18	)
	Recoveries from borrowers		16			185
	Balance, end of period	$	1,699		$	1,360
Past Due Financing Receivable	'
	The following table provides additional information on the status of education loans outstanding:
		September 30,			As a percentage			June 30,		As a percentage
		2013			of total			2013		of total
		(dollars in thousands)
	Principal of loans outstanding:
	In basic forbearance	$	660			0.9	%	$	439		0.7	%
	In school and in deferment		26,181			36.3			22,948		35.5
	In repayment, including alternative payment plans, classified as:
	Current: £30 days past due		44,483			61.7			40,724		63
	Delinquent: >30 days past due, but £120 days past due		675			0.9			355		0.5
	Delinquent: >120 days past due, but £180 days past due		119			0.2			79		0.1
	In default: >180 days past due, but not yet charged-off		17			—			110		0.2
	Total gross loan principal outstanding	$	72,135			100	%	$	64,655		100	%
	Non-accrual loan principal (>120 days past due)	$	136			0.2	%	$	189		0.3	%
	Past due loan principal (>90 days, but £120 days past due still accruing interest)		98			0.1			121		0.2
	In alternative payment plans		894			1.2			784		1.2
Mortgages	'
Activity in Allowance for Loan Losses	'
	We recorded the following activity in the allowance for loan losses for mortgage loans:
		Three months ended
		September 30,
		2013			2012
		(dollars in thousands)
	Balance, beginning of period	$	440		$	498
	Provision for loan losses		40			58
	Net charge-offs		—			—
	Balance, end of period	$	480		$	556
Past Due Financing Receivable	'
	The following table summarizes the aging of past due mortgage loans. The balances represent outstanding principal net of charge-offs.
		September 30,			June 30,
		2013			2013
		(dollars in thousands)
	Non-accrual loans:
	Residential (1-4 family)	$	1,029		$	570
	Commercial/mixed use		—			94
	Accruing loans:
	Accruing loans 30-59 days past due		444			560
	Accruing loans 60-89 days past due		114			—

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Sep. 30, 2013
Financial Instruments Carried at Fair Value on Recurring Basis	'
	The following table presents financial instruments carried at fair value on our consolidated balance sheets, in accordance with the valuation hierarchy described above, on a recurring basis:
		September 30, 2013												June 30, 2013
		Level 1			Level 2			Level 3			Total			Level 1		Level 2		Level 3		Total
											carrying									carrying
											value									value
		(dollars in thousands)
	Assets:
	Investments available-for-sale	$	—		$	80,311		$	—		$	80,311		$	—	$	84,782	$	—	$	84,782
	Deposits for participation interest accounts		—			—			18,784			18,784			—		—		13,147		13,147
	Service revenue receivables		—			—			13,913			13,913			—		—		14,817		14,817
	Total assets	$	—		$	80,311		$	32,697		$	113,008		$	—	$	84,782	$	27,964	$	112,746
Activity Related to Financial Assets Categorized as Level Three Valued on Recurring Basis	'
	The following table presents activity related to our financial assets categorized as Level 3 of the valuation hierarchy, valued on a recurring basis, for the three months ended September 30, 2013 and 2012. All realized and unrealized gains and losses recorded during the periods presented relate to assets still held at our consolidated balance sheet date. There have been no transfers in or out of Level 3 of the hierarchy, or between Levels 1 and 2, for the periods presented.
		Three months ended September 30,
		2013						2012
		Deposits for			Service			Deposits for			Service
		participation			revenue			participation			revenue
		interest			receivables			interest			receivables
		accounts						accounts
		(dollars in thousands)
	Fair value, beginning of period	$	13,147		$	14,817		$	4,039		$	16,341
	Realized and unrealized gains (losses)		(71	)		445			(26	)		838
	Net contributions (distributions)		5,708			(1,349	)		4,966			(1,112	)
	Fair value, end of period	$	18,784		$	13,913		$	8,979		$	16,067
Additional Quantitative Information About Assets Measured at Fair Value on Recurring Basis	'
	The following table presents additional quantitative information about the assets measured at fair value on a recurring basis for which we have utilized Level 3 inputs to determine fair value at September 30, 2013:
	Asset	Fair Value			Valuation Techniques		Significant Unobservable Inputs	Range
		(dollars in
		thousands)
	Deposits for participation interest accounts	$	18,784		Discounted cash flows		Discount rate	8-15%
							Annual prepayment rates	5-12%
							Annual net recovery rates	2.67%
							Annual default rates	0-2.25%
	Service revenue receivables	$	13,913		Discounted cash flows		Discount rate	10-16%
							Annual prepayment rates	3-9%
							Annual net recovery rates	2-2.5%
							Annual default rates	1-10%
Carrying Amount, Estimated Fair Value and Placement in Fair Value Hierarchy for Financial Instruments	'
	The following tables present the carrying amount, estimated fair value and placement in the fair value hierarchy for our financial instruments not measured at fair value on our consolidated balance sheets at September 30, 2013 and June 30, 2013:
	September 30, 2013	Carrying			Estimated			Fair Value Measurements
		Amount			Fair Value			Level 1			Level 2			Level 3
		(dollars in thousands)
	Financial Assets:
	Cash and cash equivalents	$	67,669		$	67,669		$	67,669		$	—		$	—
	Short-term investments		50,204			50,204			50,204			—			—
	Restricted cash		114,113			114,113			114,113			—			—
	Education loans, net of allowance		70,436			70,668			—			—			70,668
	Mortgage loans, net of allowance		14,239			14,207			—			—			14,207
	Financial Liabilities:
	Time deposits	$	32,055		$	32,342		$	—		$	32,342		$	—
	Savings, checking and money market deposits		133,433			133,433			133,433			—			—
	Restricted funds due to clients		113,978			113,978			113,978			—			—
	June 30, 2013	Carrying			Estimated			Fair Value Measurements
		Amount			Fair Value			Level 1			Level 2			Level 3
		(dollars in thousands)
	Financial Assets:
	Cash and cash equivalents	$	81,910		$	81,910		$	81,910		$	—		$	—
	Short-term investments		55,179			55,179			55,179			—			—
	Restricted cash		87,338			87,338			87,338			—			—
	Education loans, net of allowance		62,996			63,197			—			—			63,197
	Mortgage loans, net of allowance		12,629			12,538			—			—			12,538
	Financial Liabilities:
	Time deposits	$	38,922		$	39,273		$	—		$	39,273		$	—
	Savings, checking and money market deposits		125,055			125,055			125,055			—			—
	Restricted funds due to clients		86,994			86,994			86,994			—			—

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Sep. 30, 2013
Intangible Assets	'
	Intangible assets at September 30, 2013 consisted of the following:
		Amortization		Adjusted cost		Accumulated			Net
		period		basis		amortization
		(in years)		(dollars in thousands)
	Intangible assets:
	Customer list		15	$	23,600	$	(3,668	)	$	19,932
	Technology		6		4,400		(2,348	)		2,052
	Tradename		15		1,950		(356	)		1,594
	Total intangible assets at September 30, 2013			$	29,950	$	(6,372	)	$	23,578
Estimated Annual Amortization Expense	'
	Estimated annual amortization expense for the remainder of fiscal 2014 and each fiscal year thereafter is as follows:
		Customer list		Technology		Tradename			Total
		(dollars in thousands)
	Estimated amortization expense:
	Remainder of 2014	$	1,179	$	531	$	99		$	1,809
	2015		1,573		608		130			2,311
	2016		1,573		608		130			2,311
	2017		1,573		305		130			2,008
	2018		1,573		—		130			1,703
	Thereafter		12,461		—		975			13,436
	Total	$	19,932	$	2,052	$	1,594		$	23,578

Net_Loss_per_Share_Tables

Net Loss per Share (Tables)	3 Months Ended
	Sep. 30, 2013
Computation of Basic and Diluted Net Loss Per Share of Common Stock	'
	The following table sets forth the computation of basic and diluted net loss per share of common stock:
		Three months ended September 30,
		2013			2012
		(dollars and shares in thousands, except per
		share amounts)
	Net loss available and allocated to common shares outstanding	$	(11,554	)	$	(13,932	)
	Net loss per basic and diluted common share	$	(0.10	)	$	(0.14	)
	Basic and diluted weighted average common shares outstanding		112,142			102,061
	Anti-dilutive common stock equivalents		530			8,870

Union_Federal_Regulatory_Matte1

Union Federal Regulatory Matters (Tables)	3 Months Ended
	Sep. 30, 2013
Union Federals Regulatory Capital Ratios	'
	Union Federal’s regulatory capital ratios were as follows as of the dates below:
		Regulatory Guidelines
		Minimum			Well			September 30,			June 30,
					capitalized			2013			2013
	Capital ratios:
	Tier 1 risk-based capital		4	%		6	%		24.2	%		25.2	%
	Total risk-based capital		8			10			25			26
	Tier 1 (core) capital		4			5			12			11.7

Asset_Acquisition_of_Cology_In1

Asset Acquisition of Cology, Inc. - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
	First Payment	Second Payment	Third Payment	Cology, Inc
				Entity
Asset Acquisition [Line Items]	'	'	'	'
Acquisition of assets and affiliates	'	'	'	$4.70
Number of credit unions and lending institutions served by Cology	'	'	'	270
Bonus payment date	30-Jun-13	30-Jun-14	30-Jun-15	'

Summary_of_Cash_and_Cash_Equiv

Summary of Cash and Cash Equivalents (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012
In Thousands, unless otherwise specified
Cash and Cash Equivalents [Line Items]	'	'	'	'
Cash equivalents (money market funds)	$35,250	$33,032	'	'
Interest-bearing deposits with the Federal Reserve	24,338	24,906	'	'
Interest-bearing deposits with banks	6,072	22,438	'	'
Non-interest-bearing deposits with banks	1,809	1,334	'	'
Federal funds sold	200	200	'	'
Total cash and cash equivalents	$67,669	$81,910	$126,834	$123,497

Cash_and_Cash_Equivalents_Addi

Cash and Cash Equivalents - Additional Information (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012
In Thousands, unless otherwise specified
Cash and Cash Equivalents [Line Items]	'	'	'	'
Cash and cash equivalents	$67,669	$81,910	$126,834	$123,497
Union Federal	'	'	'	'
Cash and Cash Equivalents [Line Items]	'	'	'	'
Cash and cash equivalents	$24,900	$27,000	'	'

Shortterm_Investments_Addition

Short-term Investments - Additional Information (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified			Minimum	Maximum
Schedule of Investments [Line Items]	'	'	'	'
Short-term investments including certificates of deposit	$50,204	$55,179	'	'
Certificates of deposit, maturity period	'	'	'15 days	'4 months 18 days

Summary_of_Investments_Availab

Summary of Investments Available for Sale by Major Category (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized cost	$81,070	$85,524
Unrealized gains	421	447
Unrealized losses	-1,180	-1,189
Fair value	80,311	84,782
GSE mortgage-backed securities	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized cost	68,459	71,970
Unrealized gains	322	294
Unrealized losses	-999	-1,020
Fair value	67,782	71,244
Mortgage-backed securities issued by U.S. government agencies	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized cost	12,611	13,554
Unrealized gains	99	153
Unrealized losses	-181	-169
Fair value	$12,529	$13,538

Investments_AvailableforSale_A

Investments Available-for-Sale - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013
	Investment	Investment
Schedule of Available-for-sale Securities [Line Items]	'	'
Number of investment securities	11	10
Investment securities in unrealized loss position for less than one year	$50.40	$53.10
Unrealized loss	$1.20	$1.20
Expected weighted average remaining life of mortgage-backed securities	'4 years 3 months 18 days	'
Minimum	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Contractual maturities, mortgage-backed securities	'8 years	'
Maximum	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Contractual maturities, mortgage-backed securities	'29 years	'

Contractual_Maturities_of_Avai

Contractual Maturities of Available for Sale Securities (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Due in one year or less, amortized cost	$39	'
Due after one year but within five years, amortized cost	57,655	'
Due after five years but within ten years, amortized cost	23,376	'
Total, amortized cost	81,070	'
Due in one year or less, weighted average yield	0.59%	'
Due after one year but within five years, weighted average yield	2.08%	'
Due after five years but within ten years, weighted average yield	1.79%	'
Total, weighted average yield	2.00%	'
Due in one year or less, fair value	39	'
Due after one year but within five years, fair value	56,989	'
Due after five years but within ten years, fair value	23,283	'
Fair value	80,311	84,782
GSE mortgage-backed securities	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Due in one year or less, amortized cost	39	'
Due after one year but within five years, amortized cost	45,044	'
Due after five years but within ten years, amortized cost	23,376	'
Total, amortized cost	68,459	'
Due in one year or less, weighted average yield	0.59%	'
Due after one year but within five years, weighted average yield	1.99%	'
Due after five years but within ten years, weighted average yield	1.79%	'
Total, weighted average yield	1.92%	'
Fair value	67,782	71,244
Mortgage-backed securities issued by U.S. government agencies	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Due after one year but within five years, amortized cost	12,611	'
Total, amortized cost	12,611	'
Due after one year but within five years, weighted average yield	2.42%	'
Total, weighted average yield	2.42%	'
Fair value	$12,529	$13,538

Education_Loans_HeldtoMaturity2

Education Loans Held-to-Maturity - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Education loans outstanding	$72,135	$64,655
Maximum loss confirmation period	'12 months	'
Education loans on non-accrual status	136	189
Basic forbearance grant incremental period	'3 months	'
Maximum Allowable Forbearance Period	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Basic forbearance period	'1 year	'
Monogram -Based loans	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Education loans outstanding	1,000	1,000
Alternative payment plan period, minimum	'6 months	'
Alternative payment plan period, maximum	'24 months	'
Monogram -Based loans | Union Federal	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Education loans outstanding	71,100	63,600
Education loans on non-accrual status	56	42
Greater than 180 days past due, but not yet charged-off	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Education loans outstanding	17	110
Greater than 180 days past due, but not yet charged-off | Union Federal	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Education loans outstanding	$17	'
Date education loans were charged-off	'2013-10	'

Composition_of_Net_Carrying_Va

Composition of Net Carrying Value of Education Loans Held to Maturity (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Gross loan principal outstanding	$72,135	$64,655
Allowance for loan losses	-1,699	-1,659
Education loans held-to-maturity, net of allowance	$70,436	$62,996

Allowance_for_Loan_Losses_for_

Allowance for Loan Losses for Education Loans (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified			Education Loans	Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Balance, beginning of period	$1,699	$1,659	$1,659	$1,309
Provision (credit) for loan losses	'	'	134	-131
Reserves reclassified from interest receivable for capitalized interest	'	'	7	15
Charge-offs	'	'	-117	-18
Recoveries from borrowers	'	'	16	185
Balance, end of period	$1,699	$1,659	$1,699	$1,360

Loan_Origination_Metrics_With_

Loan Origination Metrics With Respect To Monogram-Based Portfolios Held at Union Federal (Detail) (Monogram -Based loans, Union Federal)	Sep. 30, 2013	Jun. 30, 2013
	CreditScore	CreditScore
Monogram -Based loans | Union Federal	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Weighted-average FICO score	753	752
Co-signers	83.00%	83.00%
Delinquent loans	0.78%	0.45%

Additional_Information_on_Stat

Additional Information on Status of Education Loans Outstanding (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	$72,135	$64,655
Non-accrual loan principal	136	189
Principal of loans outstanding, as a percentage of total	100.00%	100.00%
In basic forbearance	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	660	439
Principal of loans outstanding, as a percentage of total	0.90%	0.70%
In school and in deferment	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	26,181	22,948
Principal of loans outstanding, as a percentage of total	36.30%	35.50%
Less than 30 days past due	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	44,483	40,724
Principal of loans outstanding, as a percentage of total	61.70%	63.00%
Greater than 30 days past due, but Less than 120 days past due	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	675	355
Principal of loans outstanding, as a percentage of total	0.90%	0.50%
Greater than 120 days past due, but Less than 180 days past due	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	119	79
Principal of loans outstanding, as a percentage of total	0.20%	0.10%
Greater than 180 days past due, but not yet charged-off	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	17	110
Principal of loans outstanding, as a percentage of total	'	0.20%
Greater than 120 days past due	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Non-accrual loan principal	136	189
Non-accrual loan principal, as a percentage of total	0.20%	0.30%
Greater than 90 days, but Less than 120 days past due still accruing interest	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Past due loan principal	98	121
Past due loan principal , as a percentage of total	0.10%	0.20%
Alternative Payment Plans	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	$894	$784
Principal of loans outstanding, as a percentage of total	1.20%	1.20%

Mortgage_Loans_HeldtoMaturity_1

Mortgage Loans Held-to-Maturity (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Schedule of Held-to-maturity Securities [Line Items]	'	'
Gross loan principal outstanding	$14,661	$13,021
Allowance for loan losses	-480	-440
Deferred costs	58	48
Mortgage loans held-to-maturity, net of allowance	$14,239	$12,629

Allowance_for_Loan_Losses_for_1

Allowance for Loan Losses for Mortgage Loans (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2012
In Thousands, unless otherwise specified			Mortgages	Mortgages
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Balance, beginning of period	$1,699	$1,659	$440	$498
Provision for loan losses	'	'	40	58
Net charge-offs	'	'	'	'
Balance, end of period	$1,699	$1,659	$480	$556

Aging_of_Past_Due_Mortgage_Loa

Aging of Past Due Mortgage Loans (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Accruing loans:	'	'
Accruing loans 30-59 days past due	$444	$560
Accruing loans 60-89 days past due	114	'
Residential (1-4 family)	'	'
Non-accrual loans:	'	'
Non accrual loans	1,029	570
Commercial/mixed use	'	'
Non-accrual loans:	'	'
Non accrual loans	'	$94

Recorded_Investment_in_Impaire

Recorded Investment in Impaired Loans and Related Specific Allowance Allocated (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Financing Receivable, Impaired [Line Items]	'	'
Unpaid principal balance	$1,749	$1,872
Total recorded in impaired loans	1,508	1,506
Recorded investment with no allowance	343	795
Recorded investment with allowance	1,165	711
Related allowance	257	245
Residential (1-4 family)	'	'
Financing Receivable, Impaired [Line Items]	'	'
Unpaid principal balance	1,628	1,532
Total recorded in impaired loans	1,387	1,291
Recorded investment with no allowance	343	701
Recorded investment with allowance	1,044	590
Related allowance	221	209
Commercial/mixed use	'	'
Financing Receivable, Impaired [Line Items]	'	'
Unpaid principal balance	121	340
Total recorded in impaired loans	121	215
Recorded investment with no allowance	'	94
Recorded investment with allowance	121	121
Related allowance	$36	$36

Mortgage_Loans_Held_to_Maturit

Mortgage Loans Held to Maturity - Additional Information (Detail) (USD $)

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Jun. 30, 2013

Non-Accrual TDR Loans

Non-Accrual TDR Loans

Troubled Debt Restructurings

Troubled Debt Restructurings

Residential (1-4 family)

Residential (1-4 family)

Residential (1-4 family)

Residential (1-4 family)

Commercial/mixed use

Commercial/mixed use

Loan

Loan

Performing Financing Receivable

Nonperforming Financing Receivable

Loan

Loan

Accounts, Notes, Loans and Financing Receivable [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Impaired loan with no specific reserve

$343

$795

'

'

'

'

$343

$701

'

'

'

$94

Number of loans

'

'

4

5

'

'

'

'

1

1

'

'

TDR loans

1,100

1,100

568

664

'

'

'

'

'

'

'

'

Allowance assigned for TDR loan loss

257

245

'

'

179

176

221

209

'

'

36

36

Loan whose modification was executed

'

'

'

'

'

'

'

'

$100

$110

'

'

Average_Recorded_Investment_in

Average Recorded Investment in Impaired Loans and Related Interest Recognized (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Financing Receivable, Impaired [Line Items]	'	'
Average recorded investment of impaired loans	$1,581	$2,046
Interest income recognized on impaired loans	15	11
Residential (1-4 family)	'	'
Financing Receivable, Impaired [Line Items]	'	'
Average recorded investment of impaired loans	1,389	1,734
Interest income recognized on impaired loans	13	7
Commercial / Mixed Use	'	'
Financing Receivable, Impaired [Line Items]	'	'
Average recorded investment of impaired loans	192	312
Interest income recognized on impaired loans	$2	$4

Financial_Instruments_Carried_

Financial Instruments Carried at Fair Value on Recurring Basis (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments available-for-sale	$80,311	$84,782
Deposits for participation interest accounts	18,784	13,147
Service revenue receivables	13,913	14,817
Total assets	113,008	112,746
Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments available-for-sale	80,311	84,782
Total assets	80,311	84,782
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Deposits for participation interest accounts	18,784	13,147
Service revenue receivables	13,913	14,817
Total assets	$32,697	$27,964

Activity_Related_to_Financial_

Activity Related to Financial Assets Categorized as Level Three Valued on Recurring Basis (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Deposits for participation interest accounts	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Fair value, beginning of period	$13,147	$4,039
Realized and unrealized gains (losses)	-71	-26
Net contributions (distributions)	5,708	4,966
Fair value, end of period	18,784	8,979
Servicing Assets	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Fair value, beginning of period	14,817	16,341
Realized and unrealized gains (losses)	445	838
Net contributions (distributions)	-1,349	-1,112
Fair value, end of period	$13,913	$16,067

Assets_Measured_at_Fair_Value_

Assets Measured at Fair Value on Recurring Basis (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified			Level 3	Level 3	Level 3	Level 3	Level 3	Level 3	Level 3	Level 3
					Fair Value, Measurements, Recurring	Deposits for participation interest accounts	Deposits for participation interest accounts	Deposits for participation interest accounts	Service revenue receivables	Service revenue receivables
						Fair Value, Measurements, Recurring	Fair Value, Measurements, Recurring	Fair Value, Measurements, Recurring	Fair Value, Measurements, Recurring	Fair Value, Measurements, Recurring
						Income Approach Valuation Technique	Income Approach Valuation Technique	Income Approach Valuation Technique	Income Approach Valuation Technique	Income Approach Valuation Technique
							Minimum	Maximum	Minimum	Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]	'	'	'	'	'	'	'	'	'	'
Deposits for participation interest accounts	$18,784	$13,147	$18,784	$13,147	$18,784	'	'	'	'	'
Service revenue receivables	$13,913	$14,817	$13,913	$14,817	$13,913	'	'	'	'	'
Discount rate	'	'	'	'	'	'	8.00%	15.00%	10.00%	16.00%
Annual prepayment rates	'	'	'	'	'	'	5.00%	12.00%	3.00%	9.00%
Annual default rates	'	'	'	'	'	'	0.00%	2.25%	1.00%	10.00%
Annual net recovery rates	'	'	'	'	'	2.67%	'	'	2.00%	2.50%

Carrying_Amount_Estimated_Fair

Carrying Amount, Estimated Fair Value and Placement in Fair Value Hierarchy for Financial Instruments (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2012	Jun. 30, 2012
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Cash and cash equivalents	$67,669	$81,910	$126,834	$123,497
Short-term investments	50,204	55,179	'	'
Restricted cash	114,113	87,338	'	'
Education loans, net of allowance	70,436	62,996	'	'
Mortgage loans, net of allowance	14,239	12,629	'	'
Time deposits	32,055	38,922	'	'
Savings, checking and money market deposits	133,433	125,055	'	'
Restricted funds due to clients	113,978	86,994	'	'
Fair Value	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Cash and cash equivalents	67,669	81,910	'	'
Short-term investments	50,204	55,179	'	'
Restricted cash	114,113	87,338	'	'
Education loans, net of allowance	70,668	63,197	'	'
Mortgage loans, net of allowance	14,207	12,538	'	'
Time deposits	32,342	39,273	'	'
Savings, checking and money market deposits	133,433	125,055	'	'
Restricted funds due to clients	113,978	86,994	'	'
Level 1	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Cash and cash equivalents	67,669	81,910	'	'
Short-term investments	50,204	55,179	'	'
Restricted cash	114,113	87,338	'	'
Savings, checking and money market deposits	133,433	125,055	'	'
Restricted funds due to clients	113,978	86,994	'	'
Level 2	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Time deposits	32,342	39,273	'	'
Level 3	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Education loans, net of allowance	70,668	63,197	'	'
Mortgage loans, net of allowance	$14,207	$12,538	'	'

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended			3 Months Ended		12 Months Ended			12 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Dec. 31, 2012	Dec. 31, 2012	Jun. 30, 2011	Sep. 30, 2013	Jun. 30, 2013	Jun. 30, 2011	Jun. 30, 2013
			Customer List	Cology, Inc	Cology, Inc	Tuition Management Systems Llc	Tuition Management Systems Llc	Tuition Management Systems Llc	Tuition Management Systems Llc	Tuition Management Systems Llc
				Entity	Customer List				Customer List	Customer List
					Entity
Goodwill and Intangible Assets Disclosure [Line Items]	'	'	'	'	'	'	'	'	'	'
Business acquisition, intangible asset recognized	'	'	'	'	$5,700,000	'	'	'	'	'
Number of credit unions and lending institutions served by Cology	'	'	'	270	250	'	'	'	'	'
Goodwill acquired	'	'	'	518,000	'	22,200,000	'	'	'	'
Customer list intangible asset amortization period	'	'	'	'	'15 years	'	'	'	'	'
Amortization expenses related to intangible asset	'	'	'	377,000	'	'	'	'	'	'
Amortization of intangible asset and goodwill, deductible period	'	'	'	'15 years	'	'	'	'	'	'
Goodwill eliminated	'	'	'	'	'	2,600,000	'	'	'	'
Intangible assets eliminated	'	'	'	'	'	'	'	'	4,100,000	'
Goodwill	20,066,000	20,066,000	'	'	'	'	19,500,000	19,500,000	'	'
Intangible assets	29,950,000	'	23,600,000	'	'	'	'	'	'	17,900,000
Intangible assets amortization expenses	$615,000	'	'	'	'	'	'	'	'	'

Intangible_Assets_Detail

Intangible Assets (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified			Customer List	Technology	Trade Names
Finite-Lived Intangible Assets [Line Items]	'	'	'	'	'
Intangible assets amortization period	'	'	'15 years	'6 years	'15 years
Intangible assets adjusted cost basis	$29,950	'	$23,600	$4,400	$1,950
Intangible assets accumulated amortization	-6,372	'	-3,668	-2,348	-356
Intangible assets net	$23,578	$24,193	$19,932	$2,052	$1,594

Estimated_Annual_Amortization_

Estimated Annual Amortization Expense (Detail) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Estimated amortization expense:	'	'
Remainder of 2014	$1,809	'
2015	2,311	'
2016	2,311	'
2017	2,008	'
2018	1,703	'
Thereafter	13,436	'
Intangible assets net	23,578	24,193
Customer List	'	'
Estimated amortization expense:	'	'
Remainder of 2014	1,179	'
2015	1,573	'
2016	1,573	'
2017	1,573	'
2018	1,573	'
Thereafter	12,461	'
Intangible assets net	19,932	'
Technology	'	'
Estimated amortization expense:	'	'
Remainder of 2014	531	'
2015	608	'
2016	608	'
2017	305	'
Intangible assets net	2,052	'
Tradename	'	'
Estimated amortization expense:	'	'
Remainder of 2014	99	'
2015	130	'
2016	130	'
2017	130	'
2018	130	'
Thereafter	975	'
Intangible assets net	$1,594	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)

1 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

1 Months Ended

Jun. 30, 2013

Oct. 31, 2010

Apr. 30, 2010

Jun. 30, 2010

Sep. 30, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2012

Dec. 31, 2011

Sep. 30, 2013

Jun. 30, 2010

Dec. 31, 2009

Dec. 31, 2009

Apr. 30, 2010

Internal Revenue Service (IRS)

Internal Revenue Service (IRS)

GATE Holdings, Inc.

GATE Holdings, Inc.

GATE Holdings, Inc.

GATE Holdings, Inc.

GATE Holdings, Inc.

GATE Holdings, Inc.

Minimum

Penalties

Massachusetts

Massachusetts

Massachusetts

Period 1

Period 2

Commitments and Contingencies Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of income tax refunds received

'

$45,100,000

$176,600,000

$189,300,000

'

'

'

'

'

'

'

'

'

'

Amount of income tax refunds that IRS requires to audit

'

'

'

'

'

'

'

'

'

'

'

'

'

2,000,000

Estimated possible loss

'

'

'

'

'

300,000,000

4,100,000

'

'

'

'

'

'

'

Income tax, state apportionment

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

Additional assessments of tax, along with accrued interest

'

'

'

'

'

'

'

'

'

'

'

11,900,000

8,100,000

'

Income tax benefit

'

'

'

'

'

'

'

'

12,500,000

'

'

'

'

'

Net income tax and interest payment

'

'

'

'

'

'

'

5,100,000

'

'

'

'

'

'

Additional state tax liability recognized for the 2008 and 2009 tax years

822,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Accrual Income tax payable

$25,922,000

'

'

'

$26,136,000

'

'

'

'

$25,400,000

'

'

'

'

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Net Loss Per Share of Common Stock (Detail) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]	'	'
Net loss available and allocated to common shares outstanding	($11,554)	($13,932)
Net loss per basic and diluted common share	($0.10)	($0.14)
Basic and diluted weighted average common shares outstanding	112,142	102,061
Anti-dilutive common stock equivalents	530	8,870

Net_Loss_per_Share_Additional_

Net Loss per Share - Additional Information (Detail) (Series B Preferred Stock, USD $)	Sep. 30, 2012
Series B Preferred Stock	'
Earnings Per Share Disclosure [Line Items]	'
Preferred stock, par value	$0.01

Union_Federal_Regulatory_Matte2

Union Federal Regulatory Matters - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended	3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2010	Sep. 30, 2013
	Union Federal Savings Bank	Union Federal Savings Bank	Minimum	Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'	'	'	'
Equity capital	$22,500,000	$21,600,000	'	'
Capital contribution received from FMD	450,000	'	'	'
Notice period before proposed declaration of a dividend or approval of a proposed capital distribution	'	'	'	'30 days
Distribution to stockholders per fiscal quarter	'	'	1,000,000	'
Guarantee of debt	'	'	$5,000,000	'

Quantitative_Measures_Establis

Quantitative Measures Established by Regulation to Maintain Minimum Amounts and Ratios of Total Capital and Tier One Capital to Risk-weighted Assets (Detail)	Sep. 30, 2013	Jun. 30, 2013
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'	'
Regulatory Guidelines minimum capital ratios for Tier 1 risk-based capital	4.00%	'
Regulatory Guidelines minimum capital ratios for Total risk-based capital	8.00%	'
Regulatory Guidelines minimum capital ratios for Tier 1 (core) capital	4.00%	'
Capital ratios for Tier 1 risk-based capital to be well capitalized	6.00%	'
Capital ratios for Total risk-based capital to be well capitalized	10.00%	'
Capital ratios for Tier 1 (core) capital to be well capitalized	5.00%	'
Tier 1 risk-based capital	24.20%	25.20%
Total risk-based capital	25.00%	26.00%
Tier 1 (core) capital	12.00%	11.70%