OTHER LONG-TERM ASSETS

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



	2012		2011
Student receivables, net of allowances of $14,602 and $7,162	$	20,163	$	11,425
Deferred financing fees	14,768		15,511
Deferred compensation	12,164		10,819
Other	8,906		8,858
Total other long-term assets	$	56,001	$	46,613

Student receivables, net of allowance, relates to the extension of credit to the Company's students for amounts due beyond one year. Beginning in fiscal 2011 and throughout fiscal 2012, the Company extended the repayment period for financing made available to students to include periods of up to 36 months beyond graduation. This extension of credit to the Company's students helps fund the difference between total tuition and fees and the amount covered by government sponsored aid, including amounts awarded under Title IV programs, private loans and cash p

ayments by students. Of the total $34.8 million of gross long-term receivables at June 30, 2012, $24.4 million related to in-school students, while $10.4 million related to out-of-school students. Of the total $18.6 million of gross receivables at June 30, 2011, $12.7 million related to in-school students, while $5.9 million related to out-of-school students. As discussed in Note 2 under "Student Receivables", out-of-school balances are reserved at a higher rate than in-school balances.

In August 2008, the Company introduced the Education Finance Loan (“EFL”) program, under which the Company purchased loans originated by a private lender. The EFL program 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. In April 2011, the Company sold its wholly-owned subsidiary that held the EFL program loans to an unrelated third party without recourse for net proceeds of $42.8 million. The Company has no future obligations to purchase additional loans under the EFL program.

The Company's current and non-current allowance for doubtful accounts and loan loss reserves, including reserves for its EFL program was as follows (in thousands):



Balance June 30, 2010	$	167,403
Bad debt expense and fair value adjustments	156,052
Amounts written off or sold	(124,098		)
Balance June 30, 2011	199,357
Bad debt expense	163,926
Amounts written off	(113,001		)
Balance June 30, 2012	$	250,282

These amounts are recorded within student receivables, net and other long-term assets on the consolidated balance sheets.