First Marblehead (FMD) 10-Q 8 May 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2014	5-May-14
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
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	'	11,288,523

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$104,706	$81,910
Short-term investments, at cost	43,172	55,179
Restricted cash	77,815	87,338
Investments available-for-sale, at fair value	62,563	84,782
Education loans held-for-sale, at lower of cost or fair value	21,852	'
Education loans held-to-maturity, net of allowance of $1,334 and $1,659	18,846	62,996
Mortgage loans held-to-maturity, net of allowance of $471 and $440	15,108	12,629
Deposits for participation interest accounts, at fair value	21,472	13,147
Service revenue receivables, at fair value	14,206	14,817
Goodwill	20,066	20,066
Intangible assets, net	22,347	24,193
Property and equipment, net	5,942	6,176
Other assets	9,221	9,060
Total assets	437,316	472,293
Liabilities:	'	'
Deposits	163,675	163,977
Restricted funds due to clients	77,713	86,994
Accounts payable, accrued expenses and other liabilities	9,798	14,884
Income taxes payable	26,612	25,922
Net deferred income tax liability	1,562	1,189
Total liabilities	279,360	292,966
Commitments and contingencies:	'	'
Stockholders' equity:	'	'
Common stock, par value $0.01 per share; 25,000 shares authorized; 12,247 and 12,051 shares issued; 11,288 and 11,154 shares outstanding	122	120
Additional paid-in capital	461,613	457,927
Accumulated deficit	-115,139	-90,824
Treasury stock, 959 and 897 shares held, at cost	-187,853	-187,154
Accumulated other comprehensive loss	-787	-742
Total stockholders' equity	157,956	179,327
Total liabilities and stockholders' equity	$437,316	$472,293

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, except Per Share data, unless otherwise specified
Education loans held to maturity, allowance	$1,334	$1,659
Mortgage loans held to maturity, allowance	$471	$440
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	25,000	25,000
Common stock, shares issued	12,247	12,051
Common stock, shares outstanding	11,288	11,154
Treasury stock, shares	959	897

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Net interest income:	'	'	'	'
Interest income	$1,760	$1,527	$5,179	$4,087
Interest expense	-362	-406	-1,122	-1,020
Net interest income	1,398	1,121	4,057	3,067
(Provision) credit for loan losses	-5	-70	-27	50
Net interest income after (provision) credit for loan losses	1,393	1,051	4,030	3,117
Non-interest revenues:	'	'	'	'
Tuition payment processing fees	7,883	7,466	23,469	22,264
Administrative and other fees	4,122	3,437	11,111	9,238
Fair value changes to service revenue receivables	1,366	838	2,248	2,057
Total non-interest revenues	13,371	11,741	36,828	33,559
Total revenues	14,764	12,792	40,858	36,676
Non-interest expenses:	'	'	'	'
Compensation and benefits	9,513	10,454	28,404	29,663
General and administrative	11,099	11,172	37,212	41,573
Total non-interest expenses	20,612	21,626	65,616	71,236
Loss from operations	-5,848	-8,834	-24,758	-34,560
Other income (expense):	'	'	'	'
Net realized losses on sales of investments available-for-sale	-161	'	-161	'
Other income	1,392	421	1,673	702
Total other income	1,231	421	1,512	702
Loss from operations, before income taxes	-4,617	-8,413	-23,246	-33,858
Income tax expense	496	376	1,069	1,146
Net loss	($5,113)	($8,789)	($24,315)	($35,004)
Net loss per basic and diluted common share	($0.45)	($0.79)	($2.16)	($3.30)
Basic and diluted weighted-average common shares outstanding	11,288	11,111	11,262	10,599

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Net loss	($5,113)	($8,789)	($24,315)	($35,004)
Other comprehensive income (loss), net of tax:	'	'	'	'
Unrealized gains (losses) on investments available-for-sale arising during the period	861	-793	116	160
Less: reclassification adjustment for net realized losses included in net loss	-161	'	-161	'
Total other comprehensive income (loss)	700	-793	-45	160
Total comprehensive loss	($4,413)	($9,582)	($24,360)	($34,844)

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 income (loss), net of tax
In Thousands, unless otherwise specified
Beginning Balance at Jun. 30, 2012	$226,988	$1	$110	($186,828)	$453,722	($40,627)	$610
Beginning Balance (in shares) at Jun. 30, 2012	'	133	11,066	-866	'	'	'
Comprehensive loss:	'	'	'	'	'	'	'
Net loss	-35,004	'	'	'	'	-35,004	'
Other comprehensive income	160	'	'	'	'	'	160
Total comprehensive loss	-34,844	'	'	'	'	-35,004	160
Net stock issuance from vesting of stock units (in shares)	'	'	36	-10	'	'	'
Net stock issuance from vesting of stock units	-102	'	'	-102	'	'	'
Stock-based compensation	3,221	'	'	'	3,221	'	'
Conversion of preferred stock (in shares)	'	-133	885	'	'	'	'
Conversion of preferred stock	'	-1	9	'	-8	'	'
Ending Balance at Mar. 31, 2013	195,263	'	119	-186,930	456,935	-75,631	770
Ending Balance (in shares) at Mar. 31, 2013	'	'	11,987	-876	'	'	'
Beginning Balance at Jun. 30, 2013	179,327	'	120	-187,154	457,927	-90,824	-742
Beginning Balance (in shares) at Jun. 30, 2013	'	'	12,051	-897	'	'	'
Comprehensive loss:	'	'	'	'	'	'	'
Net loss	-24,315	'	'	'	'	-24,315	'
Other comprehensive income	-45	'	'	'	'	'	-45
Total comprehensive loss	-24,360	'	'	'	'	-24,315	-45
Net stock issuance from vesting of stock units (in shares)	'	'	196	-62	'	'	'
Net stock issuance from vesting of stock units	-699	'	2	-699	-2	'	'
Stock-based compensation	3,688	'	'	'	3,688	'	'
Ending Balance at Mar. 31, 2014	$157,956	'	$122	($187,853)	$461,613	($115,139)	($787)
Ending Balance (in shares) at Mar. 31, 2014	'	'	12,247	-959	'	'	'

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities, net of effects of acquisition:	'	'
Net loss	($24,315)	($35,004)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	3,996	3,159
Provision (credit) for loan losses	27	-50
Deferred income tax expense	373	320
Stock-based compensation	3,688	3,221
Service revenue receivable distributions	2,859	2,743
Net realized losses on sales of investments available-for-sale	161	'
Gain on sale of education loans held-for-sale	-1,392	'
Changes in assets/liabilities:	'	'
Participation interest accounts	-8,325	-6,808
Fair value increase to service revenue receivables	-2,248	-2,057
Other assets	-940	-1,076
Accounts payable, accrued expenses and other liabilities	-5,078	-8,094
Income taxes payable	690	1,233
Net cash used in operating activities	-30,504	-42,413
Cash flows from investing activities, net of effects of acquisition:	'	'
Net cash paid for acquisition	'	-4,757
Purchases of short-term investments	-48,231	-15,109
Proceeds from maturities of short-term investments	60,238	50,000
Net decrease in restricted cash	9,523	28,760
Net decrease in restricted funds due to clients	-9,281	-28,693
Purchases of investments available-for-sale	'	-24,695
Proceeds from sales of investments available-for-sale	11,379	'
Principal repayments from investments available-for-sale	10,634	9,555
Proceeds from sale of education loans held-for-sale	41,175	'
Net increase in mortgage loans held-to-maturity	-2,487	-3,819
Purchases of property and equipment	-1,916	-2,661
Net cash provided by (used in) investing activities	54,309	-20,233
Cash flows from financing activities, net of effects of acquisition:	'	'
Net (decrease) increase in deposits	-302	80,791
Payments on capital lease obligations	-8	-6
Repurchases of common stock	-699	-102
Net cash (used in) provided by financing activities:	-1,009	80,683
Net increase in cash and cash equivalents	22,796	18,037
Cash and cash equivalents, beginning of period	81,910	123,497
Cash and cash equivalents, end of period	104,706	141,534
Supplemental disclosures of cash flow information:	'	'
Interest paid	1,102	909
Income taxes paid	5	61
Supplemental disclosure of non-cash investing and financing activities:	'	'
Reclassification of education loans from held-to-maturity to held-for-sale, net	55,036	'
Interest receivable capitalized to loan principal	779	255
Conversion of preferred stock to common stock	'	8
Loans Held-for-Sale	'	'
Cash flows from investing activities, net of effects of acquisition:	'	'
Net increase in education loans	-6,536	'
Loans Held-to-Maturity	'	'
Cash flows from investing activities, net of effects of acquisition:	'	'
Net increase in education loans	($10,189)	($28,814)

General_Information

General Information	9 Months Ended
	Mar. 31, 2014
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. On May 6, 2014, we announced that we are considering strategic alternatives for Union Federal, including a potential liquidation. If we liquidate Union Federal, or if Union Federal otherwise ceases to be a subsidiary of FMD, FMD will cease to offer banking services through Union Federal. 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 partner lender 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 partner lender 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 partner lender 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 and nine months ended March 31, 2014 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.
	Reverse Stock Split
	On November 12, 2013, our stockholders approved a 1-for-10 reverse stock split of our issued and outstanding shares of common stock, which was effected on December 2, 2013. In addition, our authorized shares of common stock were proportionately decreased from 250,000,000 shares to 25,000,000 shares. The accompanying unaudited consolidated financial statements and accompanying notes to the unaudited consolidated financial statements give retroactive effect to the reverse stock split for all periods presented. The shares of common stock retained a par value of $0.01 per share. Accordingly, stockholders’ equity reflects the impact of the reverse stock split by reclassifying from common stock to additional paid-in capital an amount equal to the par value of the decreased number of shares issued resulting from the reverse stock split. The impact on our consolidated balance sheet was a decrease of $1.1 million in common stock with an offsetting increase to additional paid-in capital.
	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. Our only other comprehensive income component is net unrealized holding gains or losses on investments available-for-sale. Pursuant to ASU 2013-02, we initially exclude these unrealized holding gains and losses from our net loss; however they are later reported as reclassifications out of accumulated other comprehensive income (loss) when the securities are sold. When the securities are sold, the reclassification of realized gains and losses on investments available-for-sale are included in our consolidated statements of operations under the other income (expense) subheading in the line item net realized losses on sales of investment available-for-sale and the related income tax expense (benefit), if any, is included in the line item income tax expense (benefit). For the three and nine months ended March 31, 2014, the reclassification adjustment for investment securities sold, net of tax, is detailed on our consolidated statements of comprehensive loss under the subheading reclassification adjustment for net realized losses included in net loss. There was no tax benefit reclassified out of other comprehensive income (loss) related to securities sold during the three and nine months ended March 31, 2014 as there was a full valuation allowance against the corresponding deferred tax asset.
	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.
	ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon a Foreclosure (ASU 2014-04), is effective for fiscal years, and interim periods within those years, beginning after December 31, 2014. ASU 2014-04 clarifies when banks and similar institutions should reclassify mortgage loans collateralized by residential real estate properties from the loan portfolio to other real estate owned. ASU 2014-04 defines when an in-substance repossession or foreclosure has occurred and when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. ASU 2014-04 allows for prospective or modified retrospective application. We do not expect the adoption of ASU 2014-04 to have a material impact on our consolidated financial statements.
	ASU 2014-08, Presentation of Financial Statements (Topic 2015) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08), is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held-for-sale) that have not been reported in the financial statements previously issued or available for issuance. ASU 2014-08 elevates the threshold for a disposal transaction to qualify as a discontinued operation. Under the new guidance, only those disposals of components of an entity that represent a strategic shift that has or will have a major effect on an entity’s operations and financial results will be required to be reported as discontinued operations in the financial statements. Further, ASU 2014-08 expands disclosure requirements for transactions that meet the definition of a discontinued operation and requires entities to disclose information about individually significant components that are disposed of or held-for-sale and do not qualify as discontinued operations. We do not expect the adoption of ASU 2014-08 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.	9 Months Ended
	Mar. 31, 2014
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 265 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 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 March 31, 2014.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	9 Months Ended
	Mar. 31, 2014
Cash and Cash Equivalents	'
	(3) Cash and Cash Equivalents
	The following table summarizes our cash and cash equivalents:
		March 31, 2014		June 30, 2013
		(dollars in thousands)
	Cash equivalents (money market funds)	$	27,903	$	33,032
	Interest-bearing deposits with the Federal Reserve		73,487		24,906
	Interest-bearing deposits with banks		1,792		22,438
	Non-interest-bearing deposits with banks		1,324		1,334
	Federal funds sold		200		200
	Total cash and cash equivalents	$	104,706	$	81,910
	Cash and cash equivalents included balances held at Union Federal of $74.3 million and $27.0 million at March 31, 2014 and June 30, 2013, respectively, which 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	9 Months Ended
	Mar. 31, 2014
Short-term Investments	'
	(4) Short-term Investments
	Short-term investments of $43.2 million at March 31, 2014 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 1.6 months to 6.8 months at March 31, 2014.

Investments_AvailableforSale

Investments Available-for-Sale	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014:
	GSE mortgage-backed securities	$	55,636		$	288		$	(1,068	)	$	54,856
	Mortgage-backed securities issued by U.S. government agencies		7,714			91			(98	)		7,707
	Total	$	63,350		$	379		$	(1,166	)	$	62,563
	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 March 31, 2014 and June 30, 2013, seven and 10 investment securities, respectively, totaling $39.3 million and $53.1 million, respectively, had unrealized losses of $1.2 million. At March 31, 2014, two investment securities, with an amortized cost of $13.7 million, had been in an unrealized loss position for greater than 12 months and the remaining five investment securities had been in an unrealized loss position for less than 12 months. At June 30, 2013, the 10 investment securities with unrealized losses had been in an unrealized loss position for less than 12 months. 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 March 31, 2014 and June 30, 2013 were temporary in nature. Subject to the outcome of the strategic alternatives under consideration for Union Federal, we do not intend to sell the debt securities and it is more likely than not that we will not be required to sell the debt securities before the anticipated recovery of their remaining amortized cost.
	The amortized cost basis of securities available-for-sale by maturity as of March 31, 2014 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 20 to 29 years.
		March 31, 2014
		Due in			Due after			Due after			Due after			Total
		one			one year			five			ten years
		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	$	—		$	17,374		$	31,964		$	6,298		$	55,636
	Weighted-average yield		—	%		1.96	%		1.74	%		3.17	%		1.97	%
	Mortgage-backed securities issued by U.S. government agencies:
	Amortized cost	$	—		$	4,704		$	—		$	3,010		$	7,714
	Weighted-average yield		—	%		2.26	%		—	%		3.37	%		2.69	%
	Total debt securities:
	Amortized cost	$	—		$	22,078		$	31,964		$	9,308		$	63,350
	Weighted-average yield		—	%		2.02	%		1.74	%		3.23	%		2.06	%
	Fair value	$	—		$	22,029		$	31,562		$	8,972		$	62,563
	At March 31, 2014, the expected weighted-average remaining life of the mortgage-backed security portfolio, calculated using anticipated prepayment speed assumptions, was 6.1 years.

Education_Loans_HeldforSale

Education Loans Held-for-Sale	9 Months Ended
	Mar. 31, 2014
Education Loans Held-for-Sale	'
	(6) Education Loans Held-for-Sale
	We hold a portfolio of education loans that we classify as held-for-sale as a result of a loan purchase and sale agreement entered into among FMD, Union Federal and RBS Citizens, N.A. (Citizens) on January 23, 2014. Pursuant to the loan purchase and sale agreement, Union Federal agreed to sell to Citizens a portfolio of education loans at a purchase price equal to 103.5% of the aggregate outstanding principal balance of the education loans as of the applicable cut-off date for the sale plus any accrued but unpaid interest.
	On March 28, 2014, Union Federal completed the first of what is expected to be two closings by selling to Citizens education loans with an aggregate outstanding principal balance of approximately $39.8 million. Union Federal received $43.1 million in sale proceeds and recognized a $1.4 million gain on the sale which was recorded in our consolidated statement of operations within other income.
	As of March 31, 2014, $21.9 million of education loans were classified as held-for-sale, which are loans eligible to be sold as part of the second closing of the loan sale transaction with Citizens. The education loans must continue to meet certain eligibility criteria, as set forth in the loan purchase and sale agreement, to be sold at the second closing. The second closing is expected to occur prior to June 30, 2014, under the same terms of the first closing, subject to customary closing conditions.
	Since the education loans have a fair value greater than book value, as the purchase price is at a premium to par value, the carrying amount of the education loans held-for-sale was recorded at cost on our consolidated balance sheet at March 31, 2014.

Loans_HeldtoMaturity

Loans Held-to-Maturity	9 Months Ended
	Mar. 31, 2014
Mortgage Loans	'
Loans Held-to-Maturity	'
	(8) 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:
			March 31,			June 30,
			2014			2013
			(dollars in thousands)
	Gross loan principal outstanding		$	15,518		$	13,021
	Allowance for loan losses			(471	)		(440	)
	Deferred costs			61			48
	Mortgage loans held-to-maturity, net of allowance		$	15,108		$	12,629
	(b) Mortgage Loan Allowance for Loan Losses and the Related (Credit) Provision for Loan Losses
	We recorded the following activity in the allowance for loan losses for mortgage loans:
			Three months ended						Nine months ended
			March 31,						March 31,
			2014			2013			2014			2013
			(dollars in thousands)
	Balance, beginning of period		$	488		$	604		$	440		$	498
	(Credit) provision for loan losses			(42	)		38			6			194
	Charge-offs			(1	)		—			(1	)		(50	)
	Recoveries			26			—			26			—
	Balance, end of period		$	471		$	642		$	471		$	642
	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.
			March 31,			June 30,
			2014			2013
			(dollars in thousands)
	Non-accrual loans:
	Residential (1-4 family)		$	1,020		$	570
	Commercial/mixed use			—			94
	Accruing loans:
	Accruing loans 30-59 days past due			442			560
	Accruing loans 60-89 days past due			—			—
	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:
			March 31, 2014
			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		$	1,458		$	1,336		$	191		$	1,145		$	224
	Commercial/mixed use			120			120			—			120			34
			$	1,578		$	1,456		$	191		$	1,265		$	258
	There were two impaired residential (1-4) family loans totaling $191 thousand with no specific reserve at March 31, 2014. One of the impaired loans had no specific reserve due to partial charge-offs taken for the amount determined to be uncollectible and the other impaired loan 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 tables present the average recorded investment in impaired loans and the related interest income recognized during the three and nine month periods indicated:
			Three months ended March 31,
			2014						2013
			Average			Interest			Average			Interest
			recorded			income			recorded			income
			investment			recognized			investment			recognized
			(dollars in thousands)
	Residential (1-4) family		$	1,460		$	12		$	1,737		$	22
	Commercial/mixed use			120			2			341			3
		$	1,580		$	14		$	2,078		$	25
		Nine months ended March 31,
		2014						2013
		Average			Interest			Average			Interest
		recorded			income			recorded			income
		investment			recognized			investment			recognized
		(dollars in thousands)
Residential (1-4) family		$	1,462		$	40		$	1,736		$	55
Commercial/mixed use			149			5			286			11
		$	1,611		$	45		$	2,022		$	66
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. As of March 31, 2014 and June 30, 2013, the total recorded investment in TDR loans, included in the impaired loan figures above, was $1.0 million and $1.1 million, respectively. Union Federal continued to accrue interest on all TDR loans except for five loans totaling $625 thousand as of March 31, 2014 and five loans totaling $664 thousand as of June 30, 2013. Union Federal assigned $186 thousand and $176 thousand of specific reserves to loans classified as TDRs as of March 31, 2014 and June 30, 2013, respectively. TDR loans were assigned specific reserves in accordance with our allowance for loan loss methodology.
No loan modifications were executed by Union Federal during the three month periods ended March 31, 2014 and 2013.
Union Federal executed two modifications to residential (1-4) family loans totaling $176 thousand during the nine month period ended March 31, 2014. One loan was a performing loan that was modified by reducing the interest rate to a below market rate. The second loan was a non-performing loan that was modified by reducing the interest rate as well as extending the term of the loan. Union Federal executed two modifications to non-performing residential (1-4) family loans totaling $261 thousand during the nine month period ended March 31, 2013. The loans were modified by reducing the interest rates as well as extending the terms of the loans.
The loan balances on each of the loans modified during the nine month periods ended March 31, 2014 and 2013 did not change significantly post modification.
Education Loans	'
Loans Held-to-Maturity	'
	(7) Education Loans Held-to-Maturity
	(a) Gross Education Loans Outstanding
	At March 31, 2014 and June 30, 2013, gross education loans outstanding primarily consisted of education loans held by Union Federal, totaling $19.3 million and $63.6 million, respectively. During the second and third quarters of fiscal 2014, a net $57.8 million of education loans were reclassified from held-to-maturity to held-for-sale due to the loan purchase and sale agreement entered into among FMD, Union Federal and Citizens. See Note 6, “Education Loans Held-for-Sale,” for additional information on the education loans classified as held-for-sale. Other education loans consisted of loans totaling $881 thousand and $1.0 million at March 31, 2014 and June 30, 2013, respectively, 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 March 31, 2014 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:
			March 31,			June 30,
			2014			2013
			(dollars in thousands)
	Gross loan principal outstanding		$	20,180		$	64,655
	Allowance for loan losses			(1,334	)		(1,659	)
	Education loans held-to-maturity, net of allowance		$	18,846		$	62,996
	(b) Education Loan Allowance for Loan Losses and the Related Provision (Credit) for Loan Losses
	We recorded the following activity in the allowance for loan losses for education loans held-to-maturity:
			Three months ended						Nine months ended
			March 31,						March 31,
			2014			2013			2014			2013
			(dollars in thousands)
	Balance, beginning of period		$	1,460		$	1,464		$	1,659		$	1,309
	Provision (credit) for loan losses			45			26			19			(151	)
	Reserves reclassified from interest receivable for capitalized interest			1			4			10			26
	Charge-offs			(201	)		(30	)		(423	)		(86	)
	Recoveries from borrowers			29			82			69			448
	Balance, end of period		$	1,334		$	1,546		$	1,334		$	1,546
	To estimate the allowance for loan losses on our 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. The projections were then modified to incorporate actual delinquency roll rates for the first six months of the 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, recoveries and delinquency roll rates 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 March 31, 2014 and June 30, 2013, there were $242 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 $61 thousand and $42 thousand, at March 31, 2014 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 March 31, 2014, there were $118 thousand of education loans that were greater than 180 days past due, of which $99 thousand were Monogram-based education loans issued through Union Federal.
	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 March 31, 2014 and June 30, 2013, including those loans classified as held-for-sale:
			March 31,			June 30,
			2014			2013
	Weighted-average FICO score			747			752
	Co-signers			81	%		83	%
	Delinquent loans			1.47	%		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 information on the payment status of education loans held-to-maturity:
			March 31,			As a percentage			June 30,			As a percentage
			2014			of total			2013			of total
			(dollars in thousands)
	Principal of loans outstanding:
	In basic forbearance		$	917			4.5	%	$	439			0.7	%
	In school and in deferment			4,030			20			22,948			35.5
	In repayment, including alternative payment plans, classified as:
	Current: £30 days past due			14,505			71.9			40,724			63
	Delinquent: >30 days past due, but £120 days past due			486			2.4			355			0.5
	Delinquent: >120 days past due, but £180 days past due			124			0.6			79			0.1
	In default: >180 days past due, but not yet charged-off			118			0.6			110			0.2
	Total gross loan principal outstanding		$	20,180			100	%	$	64,655			100	%
	Non-accrual loan principal (>120 days past due)		$	242			1.2	%	$	189			0.3	%
	Past due loan principal (>90 days, but £120 days past due still accruing interest)			124			0.6			121			0.2
	In alternative payment plans			1,127			5.6			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 to education loans granted which would constitute a troubled debt restructuring (TDR) as it relates to our education loan portfolios.

Deposits_for_Participation_Int

Deposits for Participation Interest Accounts	9 Months Ended
	Mar. 31, 2014
Deposits for Participation Interest Accounts	'
	(9) 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 at each program lender. 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 sheets. 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 dates, 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	9 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
	(10) 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 nine months of fiscal 2014 and the first nine 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 and offers) 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. On a quarterly basis, or more frequently if warranted, we 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 estimate fair value using the net present value of expected future cash flows. At both March 31, 2014 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 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. 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:
		March 31, 2014												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	$	—		$	62,563		$	—		$	62,563		$	—	$	84,782	$	—	$	84,782
	Deposits for participation interest accounts		—			—			21,472			21,472			—		—		13,147		13,147
	Service revenue receivables		—			—			14,206			14,206			—		—		14,817		14,817
	Total assets	$	—		$	62,563		$	35,678		$	98,241		$	—	$	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 and nine month periods ended March 31, 2014 and 2013. All realized and unrealized gains and losses recorded during the periods presented relate to assets still held at our consolidated balance sheet dates. 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 March 31,
		2014						2013
		Deposits for			Service			Deposits for			Service
		participation			revenue			participation			revenue
		interest			receivables			interest			receivables
		accounts						accounts
		(dollars in thousands)
	Fair value, beginning of period	$	20,552		$	13,620		$	9,637		$	16,004
	Realized and unrealized gains (losses)		(135	)		1,366			(57	)		838
	Net contributions (distributions)		1,055			(780	)		1,267			(1,187	)
	Fair value, end of period	$	21,472		$	14,206		$	10,847		$	15,655
		Nine months ended March 31,
		2014						2013
		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)		(323	)		2,248			(180	)		2,057
	Net contributions (distributions)		8,648			(2,859	)		6,988			(2,743	)
	Fair value, end of period	$	21,472		$	14,206		$	10,847		$	15,655
	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 March 31, 2014:
	Asset	Fair Value			Valuation Techniques		Significant Unobservable Inputs	Range
		(dollars in
		thousands)
	Deposits for participation interest accounts	$	21,472		Discounted cash flows		Discount rate		15-Aug	%
							Annual prepayment rates		12-May	%
							Annual net recovery rates		2.67	%
							Annual default rates		0-2.25	%
	Service revenue receivables	$	14,206		Discounted cash flows		Discount rate		16-Oct	%
							Annual prepayment rates		9-Mar	%
							Annual net recovery rates		2-2.5	%
							Annual default rates		10-Jan	%
	(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 London Interbank Offered Rate (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 March 31, 2014 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.
	The fair value of our participation accounts may be impacted by changes in prepayment rates, net default rates, the forward LIBOR curve and the timing of capital releases, if any.
	(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.
Education Loans Held-for-Sale
The fair value of education loans held-for-sale was based upon the price as specified in the loan purchase and sale agreement entered into among FMD, Union Federal and Citizens on January 23, 2014. The loan purchase and sale agreement sets the purchase price at a premium to the par value of the education loans. Education loans held-for-sale were classified within Level 2 of the fair value hierarchy.
Education Loans Held-to-Maturity
The fair value of education loans held-to-maturity was determined by discounting the scheduled cash flows through the estimated maturity of the loans using interest rates offered as of our consolidated balance sheet dates 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. Education loans held-to-maturity were classified within Level 3 of the fair value hierarchy.
Mortgage Loans Held-to-Maturity
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 dates. 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 dates that reflect the current interest rate inherent in the loans. Mortgage 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 dates 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 March 31, 2014 and June 30, 2013:
	Carrying			Estimated			Fair Value Measurements
March 31, 2014	Amount			Fair Value			Level 1			Level 2			Level 3
	(dollars in thousands)
Financial Assets:
Cash and cash equivalents	$	104,706		$	104,706		$	104,706		$	—		$	—
Short-term investments		43,172			43,172			43,172			—			—
Restricted cash		77,815			77,815			77,815			—			—
Education loans held-for-sale		21,852			22,617			—			22,617			—
Education loans held-to-maturity, net of allowance		18,846			18,699			—			—			18,699
Mortgage loans held-to-maturity, net of allowance		15,108			14,991			—			—			14,991
Financial Liabilities:
Time deposits	$	24,319		$	24,543		$	—		$	24,543		$	—
Savings, checking and money market deposits		139,356			139,356			139,356			—			—
Restricted funds due to clients		77,713			77,713			77,713			—			—
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 held-to-maturity, net of allowance		62,996			63,197			—			—			63,197
Mortgage loans held-to-maturity, net of allowance		12,629			12,538			—			—			12,538
June 30, 2013	Carrying			Estimated			Fair Value Measurements
	Amount			Fair Value			Level 1			Level 2			Level 3
	(dollars in thousands)
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	9 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets	'
	(11) 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 is being 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 March 31, 2014.
	(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 K-12 school contracts 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 March 31, 2014 and June 30, 2013 and the adjusted cost basis of our customer list intangible was $17.9 million. The customer list intangible asset is being amortized over a 15-year period on a straight line basis. 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 March 31, 2014.
	(c) Intangible Assets
	Intangible assets at March 31, 2014 consisted of the following:
		Amortization		Adjusted cost		Accumulated			Net
		period		basis		amortization
		(in years)		(dollars in thousands)
	Intangible assets:
	Customer list		15	$	23,600	$	(4,454	)	$	19,146
	Technology		6		4,400		(2,727	)		1,673
	Tradename		15		1,950		(422	)		1,528
	Total intangible assets at March 31, 2014			$	29,950	$	(7,603	)	$	22,347
	Amortization expense recorded for the first nine months of fiscal 2014 was $1.8 million.
	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	$	393	$	152	$	33		$	578
	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	$	19,146	$	1,673	$	1,528		$	22,347

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
	(12) 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 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, and 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 March 31, 2014. Such an accrual, if it becomes necessary, could be significant and material to our consolidated financial statements.
	We are vigorously contesting the proposed adjustments, and we believe we have a strong position as it relates to this matter; however, we cannot predict the timing or the outcome of the IRS audit. 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 and, therefore, were subject to 100% Massachusetts apportionment.
	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. On December 18, 2013, the Massachusetts Supreme Judicial Court (SJC) notified us that it had elected to hear our appeal of the ATB’s findings and, as a result, our appeal will not be heard by the Massachusetts Appeals Court. The SJC has not set a date for the hearing for our appeal. 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 August 6, 2013, the Massachusetts Department of Revenue delivered a notice of assessment 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 accrued for the additional tax liability, including interest, in fiscal 2013 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 March 31, 2014, we had accrued a total of $25.7 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. On August 26, 2013, we filed an application to have the assessed amounts abated in full. On March 26, 2014, the Massachusetts Department of Revenue denied our application. We plan to file an appeal on this matter with the ATB. We expect the outcome for the 2008 and 2009 tax years to be influenced by the SJC’s decision on our appeal of the ATB’s findings. We cannot predict the outcome of this matter or the timing of such payments, if any, at this time.
	It is reasonably possible that our liability for this uncertain tax benefit may increase or decrease within the next 12 months primarily due to the SJC’s decision to hear our appeal. However, we cannot reasonably estimate a range of potential changes in such benefit as the outcome of the appeal is subject to uncertainty.
	(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. In December 2013, the court appointed a lead plaintiff and lead counsel. On February 20, 2014, an amended complaint was filed by the lead plaintiff and contained similar allegations as the earlier complaint. On April 7, 2014, we filed a motion to dismiss the amended complaint. Plaintiff’s opposition to our motion to dismiss is due to be filed in May 2014. A class has not been certified in the action as of May 8, 2014.
	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. On January 23, 2014, this action was stayed pending the resolution and disposition of the Smith action.
	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. In addition, the costs associated with the defenses will be incurred by FMD. 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) NC Residuals Owners Trust Litigation
	On April 2, 2014, FMD filed a complaint in the Delaware Court of Chancery against NC Residuals Owners Trust (NC Residuals) and The Wilmington Trust Company in its capacity as owner trustee (the Owner Trustee) of certain of the securitization trusts that we previously facilitated (the GATE Trusts). The action is entitled The First Marblehead Corporation v. NC Residuals Owners Trust, et. al., C.A. No. 9500-VCN, and seeks declaratory relief and specific performance.
	GATE, a former subsidiary of FMD, was the owner of certain beneficial interests in the GATE Trusts as well as certain beneficial interests in certain other securitization trusts that we previously facilitated (the NCSLT Trusts). GATE assigned and transferred all of its interests in the GATE Trusts to FMD pursuant to a transfer and assignment agreement. After the transfer of its interests in the GATE Trusts to FMD, GATE’s remaining assets consisted of its interests in the NCSLT Trusts and it was statutorily converted into NC Residuals and, immediately thereafter, the Trust Certificate was sold.
	As of July 2013, the Owner Trustee had not received documentation required to transfer ownership on the records of the Owner Trustee of the GATE Trusts to FMD and the Owner Trustee’s books and records still reflected that GATE was the beneficial owner of the GATE Trusts. FMD requested that NC Residuals, as successor to GATE, execute certain documents necessary to cause FMD to become properly reflected as the GATE Trusts’ registered owner in the Owner Trustee’s books and records, in accordance with NC Residuals’ obligations under the transfer and assignment agreement. NC Residuals has refused to comply with FMD’s request and has claimed ownership of the GATE Trusts and has also demanded that FMD deliver to it trust certificates reflecting ownership of the GATE Trusts and all cash distributions received on or after March 31, 2009 related to the GATE Trusts.
	From 2009 until late 2013, FMD received regular cash distributions as the beneficial owner of the GATE Trusts and has continually reflected the GATE Trusts on its consolidated balance sheets. As of March 31, 2014, the value of the GATE Trusts on our consolidated balance sheet was $12.1 million and, through March 31, 2014, the GATE Trusts had generated cash distributions of $5.0 million, of which $1.3 million is currently being withheld.
	We are vigorously pursuing all of our claims in this matter. There can be no assurance, however, that our claims will be successful, and adverse developments and/or an adverse resolution could have a material adverse effect on our consolidated financial position and results of operations.
	(d) 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 our consolidated balance sheet dates, 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.
	(e) 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 our consolidated balance sheet dates 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) 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 dates 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.
	(g) Indemnifications—Citizens Loan Sale
	On January 23, 2014, FMD and Union Federal entered into a loan purchase and sale agreement with Citizens. Pursuant to the loan purchase and sale agreement, Union Federal agreed to sell to Citizens a portfolio of education loans with an aggregate outstanding principal balance of approximately $53.9 million as of December 31, 2013 as long as such loans continue to meet the eligible loan criteria in the loan purchase and sale agreement.
	On March 28, 2014, Union Federal sold to Citizens, in the first of what is expected to be two closings, education loans from the portfolio with an aggregate outstanding principal balance of approximately $39.8 million. Union Federal received $43.1 million in sale proceeds, which was equal to 103.5% of the aggregate outstanding principal balance plus all accrued but unpaid interest of the purchased loans as of the calendar day immediately preceding the purchase date.
	Subject to certain exceptions, Union Federal has agreed to repurchase, following receipt of notice from Citizens, any education loan for which a representation or warranty made by Union Federal about such loan proves to have been false, misleading or incorrect as of the effective date of the loan purchase and sale agreement or as of the applicable closing date. Union Federal has also agreed to repurchase any education loan that becomes subject to a formal judicial proceeding that is based upon the acts or omissions of Union Federal or its agents or affiliates arising prior to the applicable closing date and, under certain circumstances, any education loan where a claim has been made that the education loan is unenforceable because of the lack of contractual capacity of a minor. These repurchase obligations do not expire and are in addition to FMD’s indemnification obligations discussed below.
	In addition, FMD agreed to guarantee to Citizens the full and prompt performance by Union Federal of its obligations and agreements, including its loan repurchase obligations discussed above, under the loan purchase and sale agreement. FMD also agreed to indemnify Citizens against losses sustained as a result of any breach of Union Federal’s representations, warranties and covenants or any act or omission of Union Federal prior to the applicable closing date for each sale.
	We were not aware of any contingencies existing at March 31, 2014 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.
	(h) 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,” “—Federal Class Action Lawsuits” and “—NC Residuals Owners Trust Litigation,” that could have a material adverse impact on our operations or financial condition.

Net_Loss_per_Share

Net Loss per Share	9 Months Ended
	Mar. 31, 2014
Net Loss per Share	'
	(13) 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 March 31,						Nine months ended March 31,
		2014			2013			2014			2013
		(dollars and shares in thousands, except per share amounts)
	Net loss available and allocated to common shares outstanding	$	(5,113	)	$	(8,789	)	$	(24,315	)	$	(35,004	)
	Net loss per basic and diluted common share	$	(0.45	)	$	(0.79	)	$	(2.16	)	$	(3.30	)
	Basic and diluted weighted-average common shares outstanding		11,288			11,111			11,262			10,599
	The following table presents the outstanding restricted stock units and stock options that were anti-dilutive, and, therefore, not included in the calculation of diluted earnings per common share:
		Weighted-average shares
		Three months ended						Nine months ended
		March 31,						March 31,
		2014			2013			2014			2013
		(in thousands)
	Restricted stock units		427			376			397			350
	Stock options		603			607			603			607

Union_Federal_Regulatory_Matte

Union Federal Regulatory Matters	9 Months Ended
	Mar. 31, 2014
Union Federal Regulatory Matters	'
	(14) 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 $25.5 million and $21.6 million at March 31, 2014 and June 30, 2013, respectively. During the nine months ended March 31, 2014, 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 March 31, 2014 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			March 31,			June 30,
					capitalized			2014			2013
	Capital ratios:
	Tier 1 risk-based capital		4	%		6	%		42.1	%		25.2	%
	Total risk-based capital		8			10			43.1			26
	Tier 1 (core) capital		4			5			13.4			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)	9 Months Ended
	Mar. 31, 2014
Basis of Financial Reporting	'
	Basis of Financial Reporting
	The accompanying unaudited consolidated financial statements as of and for the three and nine months ended March 31, 2014 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.
	Reverse Stock Split
	On November 12, 2013, our stockholders approved a 1-for-10 reverse stock split of our issued and outstanding shares of common stock, which was effected on December 2, 2013. In addition, our authorized shares of common stock were proportionately decreased from 250,000,000 shares to 25,000,000 shares. The accompanying unaudited consolidated financial statements and accompanying notes to the unaudited consolidated financial statements give retroactive effect to the reverse stock split for all periods presented. The shares of common stock retained a par value of $0.01 per share. Accordingly, stockholders’ equity reflects the impact of the reverse stock split by reclassifying from common stock to additional paid-in capital an amount equal to the par value of the decreased number of shares issued resulting from the reverse stock split. The impact on our consolidated balance sheet was a decrease of $1.1 million in common stock with an offsetting increase to additional paid-in capital.
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. Our only other comprehensive income component is net unrealized holding gains or losses on investments available-for-sale. Pursuant to ASU 2013-02, we initially exclude these unrealized holding gains and losses from our net loss; however they are later reported as reclassifications out of accumulated other comprehensive income (loss) when the securities are sold. When the securities are sold, the reclassification of realized gains and losses on investments available-for-sale are included in our consolidated statements of operations under the other income (expense) subheading in the line item net realized losses on sales of investment available-for-sale and the related income tax expense (benefit), if any, is included in the line item income tax expense (benefit). For the three and nine months ended March 31, 2014, the reclassification adjustment for investment securities sold, net of tax, is detailed on our consolidated statements of comprehensive loss under the subheading reclassification adjustment for net realized losses included in net loss. There was no tax benefit reclassified out of other comprehensive income (loss) related to securities sold during the three and nine months ended March 31, 2014 as there was a full valuation allowance against the corresponding deferred tax asset.
	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.
	ASU 2014-04, Receivables—Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon a Foreclosure (ASU 2014-04), is effective for fiscal years, and interim periods within those years, beginning after December 31, 2014. ASU 2014-04 clarifies when banks and similar institutions should reclassify mortgage loans collateralized by residential real estate properties from the loan portfolio to other real estate owned. ASU 2014-04 defines when an in-substance repossession or foreclosure has occurred and when a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan. ASU 2014-04 allows for prospective or modified retrospective application. We do not expect the adoption of ASU 2014-04 to have a material impact on our consolidated financial statements.
	ASU 2014-08, Presentation of Financial Statements (Topic 2015) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08), is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted, but only for disposals (or classifications as held-for-sale) that have not been reported in the financial statements previously issued or available for issuance. ASU 2014-08 elevates the threshold for a disposal transaction to qualify as a discontinued operation. Under the new guidance, only those disposals of components of an entity that represent a strategic shift that has or will have a major effect on an entity’s operations and financial results will be required to be reported as discontinued operations in the financial statements. Further, ASU 2014-08 expands disclosure requirements for transactions that meet the definition of a discontinued operation and requires entities to disclose information about individually significant components that are disposed of or held-for-sale and do not qualify as discontinued operations. We do not expect the adoption of ASU 2014-08 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)	9 Months Ended
	Mar. 31, 2014
Summary of Cash and Cash Equivalents	'
	The following table summarizes our cash and cash equivalents:
		March 31, 2014		June 30, 2013
		(dollars in thousands)
	Cash equivalents (money market funds)	$	27,903	$	33,032
	Interest-bearing deposits with the Federal Reserve		73,487		24,906
	Interest-bearing deposits with banks		1,792		22,438
	Non-interest-bearing deposits with banks		1,324		1,334
	Federal funds sold		200		200
	Total cash and cash equivalents	$	104,706	$	81,910

Investments_AvailableforSale_T

Investments Available-for-Sale (Tables)	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014:
	GSE mortgage-backed securities	$	55,636		$	288		$	(1,068	)	$	54,856
	Mortgage-backed securities issued by U.S. government agencies		7,714			91			(98	)		7,707
	Total	$	63,350		$	379		$	(1,166	)	$	62,563
	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 March 31, 2014 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 20 to 29 years.
		March 31, 2014
		Due in			Due after			Due after			Due after			Total
		one			one year			five			ten years
		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	$	—		$	17,374		$	31,964		$	6,298		$	55,636
	Weighted-average yield		—	%		1.96	%		1.74	%		3.17	%		1.97	%
	Mortgage-backed securities issued by U.S. government agencies:
	Amortized cost	$	—		$	4,704		$	—		$	3,010		$	7,714
	Weighted-average yield		—	%		2.26	%		—	%		3.37	%		2.69	%
	Total debt securities:
	Amortized cost	$	—		$	22,078		$	31,964		$	9,308		$	63,350
	Weighted-average yield		—	%		2.02	%		1.74	%		3.23	%		2.06	%
	Fair value	$	—		$	22,029		$	31,562		$	8,972		$	62,563

Loans_HeldtoMaturity_Tables

Loans Held-to-Maturity (Tables)	9 Months Ended
	Mar. 31, 2014
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:
		March 31,			June 30,
		2014			2013
		(dollars in thousands)
	Gross loan principal outstanding	$	20,180		$	64,655
	Allowance for loan losses		(1,334	)		(1,659	)
	Education loans held-to-maturity, net of allowance	$	18,846		$	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 March 31, 2014 and June 30, 2013, including those loans classified as held-for-sale:
		March 31,			June 30,
		2014			2013
	Weighted-average FICO score		747			752
	Co-signers		81	%		83	%
	Delinquent loans		1.47	%		0.45	%
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:
		March 31,			June 30,
		2014			2013
		(dollars in thousands)
	Gross loan principal outstanding	$	15,518		$	13,021
	Allowance for loan losses		(471	)		(440	)
	Deferred costs		61			48
	Mortgage loans held-to-maturity, net of allowance	$	15,108		$	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:
		March 31, 2014
		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	$	1,458		$	1,336		$	191		$	1,145		$	224
	Commercial/mixed use		120			120			—			120			34
		$	1,578		$	1,456		$	191		$	1,265		$	258
	There were two impaired residential (1-4) family loans totaling $191 thousand with no specific reserve at March 31, 2014. One of the impaired loans had no specific reserve due to partial charge-offs taken for the amount determined to be uncollectible and the other impaired loan 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
	The following tables present the average recorded investment in impaired loans and the related interest income recognized during the three and nine month periods indicated:
		Three months ended March 31,
		2014						2013
		Average			Interest			Average			Interest
		recorded			income			recorded			income
		investment			recognized			investment			recognized
		(dollars in thousands)
	Residential (1-4) family	$	1,460		$	12		$	1,737		$	22
	Commercial/mixed use		120			2			341			3
		$	1,580		$	14		$	2,078		$	25
		Nine months ended March 31,
		2014						2013
		Average			Interest			Average			Interest
		recorded			income			recorded			income
		investment			recognized			investment			recognized
		(dollars in thousands)
	Residential (1-4) family	$	1,462		$	40		$	1,736		$	55
	Commercial/mixed use		149			5			286			11
		$	1,611		$	45		$	2,022		$	66
Education Loans	'
Activity in Allowance for Loan Losses	'
	We recorded the following activity in the allowance for loan losses for education loans held-to-maturity:
		Three months ended						Nine months ended
		March 31,						March 31,
		2014			2013			2014			2013
		(dollars in thousands)
	Balance, beginning of period	$	1,460		$	1,464		$	1,659		$	1,309
	Provision (credit) for loan losses		45			26			19			(151	)
	Reserves reclassified from interest receivable for capitalized interest		1			4			10			26
	Charge-offs		(201	)		(30	)		(423	)		(86	)
	Recoveries from borrowers		29			82			69			448
	Balance, end of period	$	1,334		$	1,546		$	1,334		$	1,546
Past Due Financing Receivable	'
	The following table provides information on the payment status of education loans held-to-maturity:
		March 31,			As a percentage			June 30,			As a percentage
		2014			of total			2013			of total
		(dollars in thousands)
	Principal of loans outstanding:
	In basic forbearance	$	917			4.5	%	$	439			0.7	%
	In school and in deferment		4,030			20			22,948			35.5
	In repayment, including alternative payment plans, classified as:
	Current: £30 days past due		14,505			71.9			40,724			63
	Delinquent: >30 days past due, but £120 days past due		486			2.4			355			0.5
	Delinquent: >120 days past due, but £180 days past due		124			0.6			79			0.1
	In default: >180 days past due, but not yet charged-off		118			0.6			110			0.2
	Total gross loan principal outstanding	$	20,180			100	%	$	64,655			100	%
	Non-accrual loan principal (>120 days past due)	$	242			1.2	%	$	189			0.3	%
	Past due loan principal (>90 days, but £120 days past due still accruing interest)		124			0.6			121			0.2
	In alternative payment plans		1,127			5.6			784			1.2
Mortgage Loans	'
Activity in Allowance for Loan Losses	'
	We recorded the following activity in the allowance for loan losses for mortgage loans:
		Three months ended						Nine months ended
		March 31,						March 31,
		2014			2013			2014			2013
		(dollars in thousands)
	Balance, beginning of period	$	488		$	604		$	440		$	498
	(Credit) provision for loan losses		(42	)		38			6			194
	Charge-offs		(1	)		—			(1	)		(50	)
	Recoveries		26			—			26			—
	Balance, end of period	$	471		$	642		$	471		$	642
Past Due Financing Receivable	'
	The following table summarizes the aging of past due mortgage loans. The balances represent outstanding principal net of charge-offs.
		March 31,			June 30,
		2014			2013
		(dollars in thousands)
	Non-accrual loans:
	Residential (1-4 family)	$	1,020		$	570
	Commercial/mixed use		—			94
	Accruing loans:
	Accruing loans 30-59 days past due		442			560
	Accruing loans 60-89 days past due		—			—

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Mar. 31, 2014
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:
		March 31, 2014												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	$	—		$	62,563		$	—		$	62,563		$	—	$	84,782	$	—	$	84,782
	Deposits for participation interest accounts		—			—			21,472			21,472			—		—		13,147		13,147
	Service revenue receivables		—			—			14,206			14,206			—		—		14,817		14,817
	Total assets	$	—		$	62,563		$	35,678		$	98,241		$	—	$	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 and nine month periods ended March 31, 2014 and 2013. All realized and unrealized gains and losses recorded during the periods presented relate to assets still held at our consolidated balance sheet dates. 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 March 31,
		2014						2013
		Deposits for			Service			Deposits for			Service
		participation			revenue			participation			revenue
		interest			receivables			interest			receivables
		accounts						accounts
		(dollars in thousands)
	Fair value, beginning of period	$	20,552		$	13,620		$	9,637		$	16,004
	Realized and unrealized gains (losses)		(135	)		1,366			(57	)		838
	Net contributions (distributions)		1,055			(780	)		1,267			(1,187	)
	Fair value, end of period	$	21,472		$	14,206		$	10,847		$	15,655
		Nine months ended March 31,
		2014						2013
		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)		(323	)		2,248			(180	)		2,057
	Net contributions (distributions)		8,648			(2,859	)		6,988			(2,743	)
	Fair value, end of period	$	21,472		$	14,206		$	10,847		$	15,655
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 March 31, 2014:
	Asset	Fair Value			Valuation Techniques		Significant Unobservable Inputs	Range
		(dollars in
		thousands)
	Deposits for participation interest accounts	$	21,472		Discounted cash flows		Discount rate		15-Aug	%
							Annual prepayment rates		12-May	%
							Annual net recovery rates		2.67	%
							Annual default rates		0-2.25	%
	Service revenue receivables	$	14,206		Discounted cash flows		Discount rate		16-Oct	%
							Annual prepayment rates		9-Mar	%
							Annual net recovery rates		2-2.5	%
							Annual default rates		10-Jan	%
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 March 31, 2014 and June 30, 2013:
		Carrying			Estimated			Fair Value Measurements
	March 31, 2014	Amount			Fair Value			Level 1			Level 2			Level 3
		(dollars in thousands)
	Financial Assets:
	Cash and cash equivalents	$	104,706		$	104,706		$	104,706		$	—		$	—
	Short-term investments		43,172			43,172			43,172			—			—
	Restricted cash		77,815			77,815			77,815			—			—
	Education loans held-for-sale		21,852			22,617			—			22,617			—
	Education loans held-to-maturity, net of allowance		18,846			18,699			—			—			18,699
	Mortgage loans held-to-maturity, net of allowance		15,108			14,991			—			—			14,991
	Financial Liabilities:
	Time deposits	$	24,319		$	24,543		$	—		$	24,543		$	—
	Savings, checking and money market deposits		139,356			139,356			139,356			—			—
	Restricted funds due to clients		77,713			77,713			77,713			—			—
	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 held-to-maturity, net of allowance		62,996			63,197			—			—			63,197
	Mortgage loans held-to-maturity, net of allowance		12,629			12,538			—			—			12,538
	June 30, 2013	Carrying			Estimated			Fair Value Measurements
		Amount			Fair Value			Level 1			Level 2			Level 3
		(dollars in thousands)
	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)	9 Months Ended
	Mar. 31, 2014
Intangible Assets	'
	Intangible assets at March 31, 2014 consisted of the following:
		Amortization		Adjusted cost		Accumulated			Net
		period		basis		amortization
		(in years)		(dollars in thousands)
	Intangible assets:
	Customer list		15	$	23,600	$	(4,454	)	$	19,146
	Technology		6		4,400		(2,727	)		1,673
	Tradename		15		1,950		(422	)		1,528
	Total intangible assets at March 31, 2014			$	29,950	$	(7,603	)	$	22,347
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	$	393	$	152	$	33		$	578
	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	$	19,146	$	1,673	$	1,528		$	22,347

Net_Loss_per_Share_Tables

Net Loss per Share (Tables)	9 Months Ended
	Mar. 31, 2014
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 March 31,						Nine months ended March 31,
		2014			2013			2014			2013
		(dollars and shares in thousands, except per share amounts)
	Net loss available and allocated to common shares outstanding	$	(5,113	)	$	(8,789	)	$	(24,315	)	$	(35,004	)
	Net loss per basic and diluted common share	$	(0.45	)	$	(0.79	)	$	(2.16	)	$	(3.30	)
	Basic and diluted weighted-average common shares outstanding		11,288			11,111			11,262			10,599
Outstanding Restricted Stock Units and Stock Options That Were Anti-Dilutive, and, Therefore, Not Included In Calculation Of Diluted Earnings Per Common Share	'
	The following table presents the outstanding restricted stock units and stock options that were anti-dilutive, and, therefore, not included in the calculation of diluted earnings per common share:
		Weighted-average shares
		Three months ended						Nine months ended
		March 31,						March 31,
		2014			2013			2014			2013
		(in thousands)
	Restricted stock units		427			376			397			350
	Stock options		603			607			603			607

Union_Federal_Regulatory_Matte1

Union Federal Regulatory Matters (Tables)	9 Months Ended
	Mar. 31, 2014
Union Federals Regulatory Capital Ratios	'
	Union Federal’s regulatory capital ratios were as follows as of the dates below:
		Regulatory Guidelines
		Minimum			Well			March 31,			June 30,
					capitalized			2014			2013
	Capital ratios:
	Tier 1 risk-based capital		4	%		6	%		42.1	%		25.2	%
	Total risk-based capital		8			10			43.1			26
	Tier 1 (core) capital		4			5			13.4			11.7

General_Information_Additional

General Information - Additional Information (Detail) (USD $)	0 Months Ended	3 Months Ended	9 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Nov. 12, 2013	Mar. 31, 2014	Mar. 31, 2014	Jun. 30, 2013
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]	'	'	'	'
Reverse stock split ratio	0.1	'	'	'
Common stock, par value	'	$0.01	$0.01	$0.01
Common stock, shares authorized	250,000	25,000	25,000	25,000
Tax benefit reclassified out of other comprehensive income (loss) related to securities sold	'	$0	$0	'
Reverse Stock Split	'	'	'	'
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]	'	'	'	'
Adjustment to additional capital, impact of reverse stock split	1,100,000	'	'	'
Adjustment to common stock, impact of reverse stock split	-1,100,000	'	'	'

Asset_Acquisition_of_Cology_In1

Asset Acquisition of Cology, Inc. - Additional Information (Detail) (USD $)	9 Months Ended			3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2012
	First Payment	Second Payment	Third Payment	Cology, Inc
				Entity
Business Acquisition [Line Items]	'	'	'	'
Acquisition of assets and affiliates	'	'	'	$4.70
Number of credit unions and lending institutions served by Cology	'	'	'	265
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 $)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Cash and Cash Equivalents [Line Items]	'	'	'	'
Cash equivalents (money market funds)	$27,903	$33,032	'	'
Non-interest-bearing deposits with banks	1,324	1,334	'	'
Federal funds sold	200	200	'	'
Total cash and cash equivalents	104,706	81,910	141,534	123,497
Federal Reserve	'	'	'	'
Cash and Cash Equivalents [Line Items]	'	'	'	'
Interest-bearing deposits	73,487	24,906	'	'
Banks	'	'	'	'
Cash and Cash Equivalents [Line Items]	'	'	'	'
Interest-bearing deposits	$1,792	$22,438	'	'

Cash_and_Cash_Equivalents_Addi

Cash and Cash Equivalents - Additional Information (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Cash and Cash Equivalents [Line Items]	'	'	'	'
Cash and cash equivalents	$104,706	$81,910	$141,534	$123,497
Union Federal	'	'	'	'
Cash and Cash Equivalents [Line Items]	'	'	'	'
Cash and cash equivalents	$74,300	$27,000	'	'

Shortterm_Investments_Addition

Short-term Investments - Additional Information (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified			Minimum	Maximum
Schedule of Investments [Line Items]	'	'	'	'
Short-term investments including certificates of deposit	$43,172	$55,179	'	'
Certificates of deposit, maturity period	'	'	'1 month 18 days	'6 months 24 days

Summary_of_Investments_Availab

Summary of Investments Available for Sale by Major Category (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized cost	$63,350	$85,524
Unrealized gains	379	447
Unrealized losses	-1,166	-1,189
Fair value	62,563	84,782
GSE mortgage-backed securities	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized cost	55,636	71,970
Unrealized gains	288	294
Unrealized losses	-1,068	-1,020
Fair value	54,856	71,244
Mortgage-backed securities issued by U.S. government agencies	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Amortized cost	7,714	13,554
Unrealized gains	91	153
Unrealized losses	-98	-169
Fair value	$7,707	$13,538

Investments_AvailableforSale_A

Investments Available-for-Sale - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Jun. 30, 2013
	Investment	Investment
Schedule of Available-for-sale Securities [Line Items]	'	'
Number of investment securities	7	10
Investment securities in unrealized loss position	$39.30	$53.10
Total unrealized loss	1.2	1.2
Number of investment securities in an unrealized loss position for greater than 12 months	2	'
Number of investment securities in an unrealized loss position for less than twelve months	5	10
Investment securities in unrealized loss position for greater than 12 months, amortized cost	$13.70	'
Expected weighted average remaining life of mortgage-backed securities	'6 years 1 month 6 days	'
Minimum	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Contractual maturities, mortgage-backed securities	'20 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 $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Schedule of Available-for-sale Securities [Line Items]	'	'
Due in one year or less, amortized cost	'	'
Due after one year but within five years, amortized cost	22,078	'
Due after five years but within ten years, amortized cost	31,964	'
Due after ten years	9,308	'
Total, amortized cost	63,350	'
Due in one year or less, weighted average yield	'	'
Due after one year but within five years, weighted average yield	2.02%	'
Due after five years but within ten years, weighted average yield	1.74%	'
Due after ten years, weighted average yield	3.23%	'
Total, weighted average yield	2.06%	'
Due in one year or less, fair value	'	'
Due after one year but within five years, fair value	22,029	'
Due after five years but within ten years, fair value	31,562	'
Due after ten years, fair value	8,972	'
Fair value	62,563	84,782
GSE mortgage-backed securities	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Due in one year or less, amortized cost	'	'
Due after one year but within five years, amortized cost	17,374	'
Due after five years but within ten years, amortized cost	31,964	'
Due after ten years	6,298	'
Total, amortized cost	55,636	'
Due in one year or less, weighted average yield	'	'
Due after one year but within five years, weighted average yield	1.96%	'
Due after five years but within ten years, weighted average yield	1.74%	'
Due after ten years, weighted average yield	3.17%	'
Total, weighted average yield	1.97%	'
Fair value	54,856	71,244
Mortgage-backed securities issued by U.S. government agencies	'	'
Schedule of Available-for-sale Securities [Line Items]	'	'
Due in one year or less, amortized cost	'	'
Due after one year but within five years, amortized cost	4,704	'
Due after ten years	3,010	'
Total, amortized cost	7,714	'
Due in one year or less, weighted average yield	'	'
Due after one year but within five years, weighted average yield	2.26%	'
Due after ten years, weighted average yield	3.37%	'
Total, weighted average yield	2.69%	'
Fair value	$7,707	$13,538

Education_Loans_HeldforSale_Ad

Education Loans Held-for-Sale - Additional Information (Detail) (USD $)	9 Months Ended		0 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 28, 2014	Mar. 31, 2014
			Union Federal	Union Federal
			Loan Purchase and Sale Agreement	Loan Purchase and Sale Agreement
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Percentage of loans at par value plus accrued interest	'	'	103.50%	'
Education loans held-for-sale	$21,852,000	$53,900,000	$39,800,000	$21,900,000
Proceeds from sale of education loans held-for-sale	41,175,000	'	43,100,000	'
Gain on sale of education loans held-for-sale	'	'	$1,400,000	'

Education_Loans_HeldtoMaturity

Education Loans Held-to-Maturity - Additional Information (Detail) (USD $)	9 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Education loans outstanding	$20,180,000	'	$64,655,000
Education loans held-for-sale	21,852,000	53,900,000	'
Maximum loss confirmation period	'12 months	'	'
Education loans on non-accrual status	242,000	'	189,000
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 | Union Federal	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Education loans outstanding	19,300,000	'	63,600,000
Education loans held-for-sale	57,800,000	'	'
Alternative payment plan period, minimum	'6 months	'	'
Alternative payment plan period, maximum	'24 months	'	'
Other education loans	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Education loans outstanding	881,000	'	1,000,000
Education loans on non-accrual status	61,000	'	42,000
Greater than 180 days past due, but not yet charged-off	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Education loans outstanding	118,000	'	110,000
Greater than 180 days past due, but not yet charged-off | Union Federal	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Education loans outstanding	$99,000	'	'

Composition_of_Net_Carrying_Va

Composition of Net Carrying Value of Education Loans Held to Maturity (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Gross loan principal outstanding	$20,180	$64,655
Allowance for loan losses	-1,334	-1,659
Education loans held-to-maturity, net of allowance	$18,846	$62,996

Allowance_for_Loan_Losses_for_

Allowance for Loan Losses for Education Loans Held-to-Maturity (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
In Thousands, unless otherwise specified			Education Loans	Education Loans	Education Loans	Education Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'
Balance, beginning of period	$1,334	$1,659	$1,460	$1,464	$1,659	$1,309
Provision (credit) for loan losses	'	'	45	26	19	-151
Reserves reclassified from interest receivable for capitalized interest	'	'	1	4	10	26
Charge-offs	'	'	-201	-30	-423	-86
Recoveries from borrowers	'	'	29	82	69	448
Balance, end of period	$1,334	$1,659	$1,334	$1,546	$1,334	$1,546

Loan_Origination_Metrics_With_

Loan Origination Metrics With Respect To Monogram-Based Portfolios Held at Union Federal (Detail) (Monogram -Based loans, Union Federal)	Mar. 31, 2014	Jun. 30, 2013
	CreditScore	CreditScore
Monogram -Based loans | Union Federal	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Weighted-average FICO score	747	752
Co-signers	81.00%	83.00%
Delinquent loans	1.47%	0.45%

Information_on_Payment_Status_

Information on Payment Status of Education Loans Held-to-Maturity (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	$20,180,000	$64,655,000
Non-accrual loan principal	242,000	189,000
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	917,000	439,000
Principal of loans outstanding, as a percentage of total	4.50%	0.70%
In school and in deferment	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	4,030,000	22,948,000
Principal of loans outstanding, as a percentage of total	20.00%	35.50%
Less than 30 days past due	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	14,505,000	40,724,000
Principal of loans outstanding, as a percentage of total	71.90%	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	486,000	355,000
Principal of loans outstanding, as a percentage of total	2.40%	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	124,000	79,000
Principal of loans outstanding, as a percentage of total	0.60%	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	118,000	110,000
Principal of loans outstanding, as a percentage of total	0.60%	0.20%
Greater than 120 days past due	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Non-accrual loan principal	242,000	189,000
Non-accrual loan principal, as a percentage of total	1.20%	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	124,000	121,000
Past due loan principal , as a percentage of total	0.60%	0.20%
Alternative Payment Plans	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'
Principal of loans outstanding	$1,127,000	$784,000
Principal of loans outstanding, as a percentage of total	5.60%	1.20%

Mortgage_Loans_HeldtoMaturity_

Mortgage Loans Held-to-Maturity (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Schedule of Held-to-maturity Securities [Line Items]	'	'
Gross loan principal outstanding	$15,518	$13,021
Allowance for loan losses	-471	-440
Deferred costs	61	48
Mortgage loans held-to-maturity, net of allowance	$15,108	$12,629

Allowance_for_Loan_Losses_for_1

Allowance for Loan Losses for Mortgage Loans (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Balance, beginning of period	'	'	$440	'
(Credit) provision for loan losses	-5	-70	-27	50
Balance, end of period	471	'	471	'
Mortgage Loans	'	'	'	'
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'
Balance, beginning of period	488	604	440	498
(Credit) provision for loan losses	-42	38	6	194
Charge-offs	-1	'	-1	-50
Recoveries	26	'	26	'
Balance, end of period	$471	$642	$471	$642

Aging_of_Past_Due_Mortgage_Loa

Aging of Past Due Mortgage Loans (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Accruing loans:	'	'
Accruing loans 30-59 days past due	$442	$560
Accruing loans 60-89 days past due	'	'
Residential (1-4 family)	'	'
Non-accrual loans:	'	'
Non accrual loans	1,020	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 $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Financing Receivable, Impaired [Line Items]	'	'
Unpaid principal balance	$1,578	$1,872
Total recorded in impaired loans	1,456	1,506
Recorded investment with no allowance	191	795
Recorded investment with allowance	1,265	711
Related allowance	258	245
Residential (1-4 family)	'	'
Financing Receivable, Impaired [Line Items]	'	'
Unpaid principal balance	1,458	1,532
Total recorded in impaired loans	1,336	1,291
Recorded investment with no allowance	191	701
Recorded investment with allowance	1,145	590
Related allowance	224	209
Commercial/mixed use	'	'
Financing Receivable, Impaired [Line Items]	'	'
Unpaid principal balance	120	340
Total recorded in impaired loans	120	215
Recorded investment with no allowance	'	94
Recorded investment with allowance	120	121
Related allowance	$34	$36

Mortgage_Loans_Held_to_Maturit

Mortgage Loans Held to Maturity - Additional Information (Detail) (USD $)	9 Months Ended	12 Months Ended	9 Months Ended	12 Months Ended			9 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2013	Mar. 31, 2014	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)	Commercial/mixed use	Commercial/mixed use
			Loan	Loan			Loan		Nonperforming Financing Receivable
									Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Impaired loan with no specific reserve	$191	$795	'	'	'	'	$191	$701	'	'	$94
Number of loans	'	'	5	5	'	'	2	'	2	'	'
TDR loans	1,000	1,100	625	664	'	'	'	'	'	'	'
Allowance assigned for TDR loan loss	258	245	'	'	186	176	224	209	'	34	36
Loan whose modification was executed	'	'	'	'	'	'	$176	'	$261	'	'

Average_Recorded_Investment_in

Average Recorded Investment in Impaired Loans and Related Interest Income Recognized (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Financing Receivable, Impaired [Line Items]	'	'	'	'
Average recorded investment of impaired loans	$1,580	$2,078	$1,611	$2,022
Interest income recognized on impaired loans	14	25	45	66
Residential (1-4 family)	'	'	'	'
Financing Receivable, Impaired [Line Items]	'	'	'	'
Average recorded investment of impaired loans	1,460	1,737	1,462	1,736
Interest income recognized on impaired loans	12	22	40	55
Commercial / Mixed Use	'	'	'	'
Financing Receivable, Impaired [Line Items]	'	'	'	'
Average recorded investment of impaired loans	120	341	149	286
Interest income recognized on impaired loans	$2	$3	$5	$11

Financial_Instruments_Carried_

Financial Instruments Carried at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	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	$62,563	$84,782
Deposits for participation interest accounts	21,472	13,147
Service revenue receivables	14,206	14,817
Total assets	98,241	112,746
Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments available-for-sale	62,563	84,782
Total assets	62,563	84,782
Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Deposits for participation interest accounts	21,472	13,147
Service revenue receivables	14,206	14,817
Total assets	$35,678	$27,964

Activity_Related_to_Financial_

Activity Related to Financial Assets Categorized as Level Three Valued on Recurring Basis (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Deposits for participation interest accounts	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Fair value, beginning of period	$20,552	$9,637	$13,147	$4,039
Realized and unrealized gains (losses)	-135	-57	-323	-180
Net contributions (distributions)	1,055	1,267	8,648	6,988
Fair value, end of period	21,472	10,847	21,472	10,847
Service revenue receivables	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'
Fair value, beginning of period	13,620	16,004	14,817	16,341
Realized and unrealized gains (losses)	1,366	838	2,248	2,057
Net contributions (distributions)	-780	-1,187	-2,859	-2,743
Fair value, end of period	$14,206	$15,655	$14,206	$15,655

Assets_Measured_at_Fair_Value_

Assets Measured at Fair Value on Recurring Basis (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
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	Fair Value, Measurements, Recurring	Fair Value, Measurements, Recurring	Fair Value, Measurements, Recurring	Fair Value, Measurements, Recurring	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
						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	$21,472	$13,147	$21,472	$13,147	$21,472	'	'	'	'	'
Service revenue receivables	$14,206	$14,817	$14,206	$14,817	$14,206	'	'	'	'	'
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 $)	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'	'
Cash and cash equivalents	$104,706	'	$81,910	$141,534	$123,497
Short-term investments	43,172	'	55,179	'	'
Restricted cash	77,815	'	87,338	'	'
Education loans held-for-sale	21,852	53,900	'	'	'
Education loans held-to-maturity, net of allowance	18,846	'	62,996	'	'
Mortgage loans held-to-maturity, net of allowance	15,108	'	12,629	'	'
Time deposits	24,319	'	38,922	'	'
Savings, checking and money market deposits	139,356	'	125,055	'	'
Restricted funds due to clients	77,713	'	86,994	'	'
Fair Value	'	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'	'
Cash and cash equivalents	104,706	'	81,910	'	'
Short-term investments	43,172	'	55,179	'	'
Restricted cash	77,815	'	87,338	'	'
Education loans held-for-sale	22,617	'	'	'	'
Education loans held-to-maturity, net of allowance	18,699	'	63,197	'	'
Mortgage loans held-to-maturity, net of allowance	14,991	'	12,538	'	'
Time deposits	24,543	'	39,273	'	'
Savings, checking and money market deposits	139,356	'	125,055	'	'
Restricted funds due to clients	77,713	'	86,994	'	'
Level 1	'	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'	'
Cash and cash equivalents	104,706	'	81,910	'	'
Short-term investments	43,172	'	55,179	'	'
Restricted cash	77,815	'	87,338	'	'
Savings, checking and money market deposits	139,356	'	125,055	'	'
Restricted funds due to clients	77,713	'	86,994	'	'
Level 2	'	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'	'
Education loans held-for-sale	22,617	'	'	'	'
Time deposits	24,543	'	39,273	'	'
Level 3	'	'	'	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'	'	'	'
Education loans held-to-maturity, net of allowance	18,699	'	63,197	'	'
Mortgage loans held-to-maturity, net of allowance	$14,991	'	$12,538	'	'

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets - Additional Information (Detail) (USD $)

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2014

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2012

Mar. 31, 2014

Jun. 30, 2011

Jun. 30, 2013

Mar. 31, 2014

Jun. 30, 2011

Jun. 30, 2013

Customer List

Cology, Inc

Cology, Inc

Cology, Inc

Tuition Management Systems Llc

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

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

'

'

'

265

'

250

'

'

'

'

'

'

Goodwill acquired

'

'

'

518,000

'

'

'

22,200,000

'

'

'

'

Customer list intangible asset amortization period

'

'

'

'

'

'15 years

'

'

'

'15 years

'

'

Amortization expenses related to intangible asset

'

'

'

377,000

'

'

'

'

'

'

'

'

Amortization of intangible asset and goodwill, deductible period

'

'

'

'15 years

'

'

'15 years

'

'

'

'

'

Goodwill or intangible asset impairment

'

'

'

'

0

'

'

'

'

'

'

'

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

$1,800,000

'

'

'

'

'

'

'

'

'

'

'

Intangible_Assets_Detail

Intangible Assets (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
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	-7,603	'	-4,454	-2,727	-422
Intangible assets net	$22,347	$24,193	$19,146	$1,673	$1,528

Estimated_Annual_Amortization_

Estimated Annual Amortization Expense (Detail) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Estimated amortization expense:	'	'
Remainder of 2014	$578	'
2015	2,311	'
2016	2,311	'
2017	2,008	'
2018	1,703	'
Thereafter	13,436	'
Intangible assets net	22,347	24,193
Customer List	'	'
Estimated amortization expense:	'	'
Remainder of 2014	393	'
2015	1,573	'
2016	1,573	'
2017	1,573	'
2018	1,573	'
Thereafter	12,461	'
Intangible assets net	19,146	'
Technology	'	'
Estimated amortization expense:	'	'
Remainder of 2014	152	'
2015	608	'
2016	608	'
2017	305	'
Intangible assets net	1,673	'
Tradename	'	'
Estimated amortization expense:	'	'
Remainder of 2014	33	'
2015	130	'
2016	130	'
2017	130	'
2018	130	'
Thereafter	975	'
Intangible assets net	$1,528	'

Commitments_and_Contingencies_

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

0 Months Ended

1 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Aug. 06, 2013

Oct. 31, 2010

Apr. 30, 2010

Mar. 31, 2014

Jun. 30, 2010

Dec. 31, 2013

Jun. 30, 2013

Mar. 31, 2014

Aug. 06, 2013

Mar. 31, 2012

Dec. 31, 2011

Mar. 31, 2014

Jun. 30, 2010

Dec. 31, 2009

Dec. 31, 2009

Mar. 28, 2014

Mar. 31, 2014

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.

Union Federal

Union Federal

Minimum

Penalties

Massachusetts

Massachusetts

Massachusetts

Loan Purchase and Sale Agreement

Loan Purchase and Sale Agreement

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

'

'

'

26,612,000

'

'

25,922,000

'

'

'

'

25,700,000

'

'

'

'

'

'

Value of GATE Trusts

'

'

'

'

'

'

'

'

'

'

'

12,100,000

'

'

'

'

'

'

Cash distribution received from assets held in trust

'

'

'

'

'

'

'

'

'

'

'

5,000,000

'

'

'

'

'

'

Withheld cash distribution from trust

'

'

'

'

'

'

'

'

'

'

'

1,300,000

'

'

'

'

'

'

Outstanding principal balance of private education loans

'

'

'

21,852,000

'

53,900,000

'

'

'

'

'

'

'

'

'

39,800,000

21,900,000

'

Percentage of loans at par value plus accrued interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

103.50%

'

'

Proceeds from sale of education loans held-for-sale

'

'

'

$41,175,000

'

'

'

'

'

'

'

'

'

'

'

$43,100,000

'

'

Computation_of_Basic_and_Dilut

Computation of Basic and Diluted Net Loss Per Share of Common Stock (Detail) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Schedule Of Computation Of Basic And Diluted Earnings Per Common Share [Line Items]	'	'	'	'
Net loss available and allocated to common shares outstanding	($5,113)	($8,789)	($24,315)	($35,004)
Net loss per basic and diluted common share	($0.45)	($0.79)	($2.16)	($3.30)
Basic and diluted weighted-average common shares outstanding	11,288	11,111	11,262	10,599

Outstanding_Restricted_Stock_U

Outstanding Restricted Stock Units and Stock Options That Were Anti-Dilutive, and, Therefore, Not Included In Calculation Of Diluted Earnings Per Common Share (Detail)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Restricted Stock Units (RSUs)	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive securities excluded from computation of earnings per share	427	376	397	350
Stock Options	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Anti-dilutive securities excluded from computation of earnings per share	603	607	603	607

Union_Federal_Regulatory_Matte2

Union Federal Regulatory Matters - Additional Information (Detail) (USD $)	9 Months Ended		1 Months Ended	9 Months Ended
	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2010	Mar. 31, 2014
	Union Federal Savings Bank	Union Federal Savings Bank	Minimum	Minimum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]	'	'	'	'
Equity capital	$25,500,000	$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)	Mar. 31, 2014	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	42.10%	25.20%
Total risk-based capital	43.10%	26.00%
Tier 1 (core) capital	13.40%	11.70%