Other Long-Term Assets

12 Months Ended

Jun. 30, 2011

Other Long-Term Assets

Other Long-Term Assets

6. OTHER LONG-TERM ASSETS

Other long-term assets consisted of the following at June 30 (in thousands):

	2011		2010
EFL loans	$	—	$	49,529
Deferred financing fees		15,511		25,536
Deferred compensation		10,819		8,204
Other		20,283		10,172
Total other long-term assets	$	46,613	$	93,441

In August 2008, the Company introduced the Education Finance Loan ("EFL") program with a private lender, which enabled students who had exhausted all available government-sponsored or other aid and had been denied a private loan to borrow funds to finance a portion of their tuition and other educational expenses. Under the EFL program, the Company purchased loans that were originated by a private lender. These loans were classified as private loans, net within other long-term assets. In April 2011, the Company sold its wholly-owned subsidiary which held the EFL program loans to an unrelated third party for net proceeds of $42.8 million. During the fiscal year ended June 30, 2011, the Company recorded total fair value adjustments related to the EFL program of $21.5 million in educational services expense in the consolidated statement of operations. At June 30, 2011, the Company has no future obligations to fund additional purchases of loans from the private lender under the EFL program.