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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ME9VkREDZwCSz5/2eDi/miaz0fKrqDp6MI96TEl1VVq66AL8zeUF67p+6N/b4hHV
 zQ7XG44+/FOY0sxrNnlPBw==

<SEC-DOCUMENT>0001179110-03-009620.txt : 20031030
<SEC-HEADER>0001179110-03-009620.hdr.sgml : 20031030
<ACCEPTANCE-DATETIME>20031030165858
ACCESSION NUMBER:		0001179110-03-009620
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031030
FILED AS OF DATE:		20031030

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERKLEY WILLIAM R
		CENTRAL INDEX KEY:			0000918186
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31825
		FILM NUMBER:		03967273

	BUSINESS ADDRESS:	
		STREET 1:		165 MASON STREET
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
		BUSINESS PHONE:		203-629-2880

	MAIL ADDRESS:	
		STREET 1:		165 MASON STREET
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MARBLEHEAD CORP
		CENTRAL INDEX KEY:			0001262279
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]

	BUSINESS ADDRESS:	
		STREET 1:		30 LITTLE HARBOR
		CITY:			MARBLEHEAD
		STATE:			MA
		ZIP:			01945
		BUSINESS PHONE:		7816392000

	MAIL ADDRESS:	
		STREET 1:		0 LITTLE HARBOR
		CITY:			MARBLEHEAD
		STATE:			MA
		ZIP:			01945
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 3 -
<TEXT>
<XML>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>
<periodOfReport>2003-10-30</periodOfReport>
    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001262279</issuerCik>
        <issuerName>FIRST MARBLEHEAD CORP</issuerName>
        <issuerTradingSymbol>FMD</issuerTradingSymbol>
</issuer>
<reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000918186</rptOwnerCik>
            <rptOwnerName>BERKLEY WILLIAM R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE FIRST MARBLEHEAD CORPORATION,</rptOwnerStreet1>
            <rptOwnerStreet2>30 LITTLE HARBOR</rptOwnerStreet2>
            <rptOwnerCity>MARBLEHEAD</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>01945</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
<isDirector>1</isDirector>
<isOfficer>0</isOfficer>
<isTenPercentOwner>1</isTenPercentOwner>
<isOther>0</isOther>
<officerTitle></officerTitle>
<otherText></otherText>
</reportingOwnerRelationship>
</reportingOwner>
<nonDerivativeTable><nonDerivativeHolding><securityTitle><value>Common Stock</value>
</securityTitle>
<postTransactionAmounts><sharesOwnedFollowingTransaction><value>12334960</value>
</sharesOwnedFollowingTransaction>
</postTransactionAmounts>
<ownershipNature><directOrIndirectOwnership><value>I</value>
<footnoteId id="F1"></footnoteId>
</directOrIndirectOwnership>
<natureOfOwnership><value>By Interlaken Investment Partners, L.P.</value>
</natureOfOwnership>
</ownershipNature>
</nonDerivativeHolding>
</nonDerivativeTable>
<derivativeTable><derivativeHolding><securityTitle><value>Director Stock Option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>5.00</value>
</conversionOrExercisePrice>
<exerciseDate><value>2002-09-20</value>
</exerciseDate>
<expirationDate><value>2012-09-19</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>4000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
<derivativeHolding><securityTitle><value>Director Stock Option (right to buy)</value>
</securityTitle>
<conversionOrExercisePrice><value>12.15</value>
</conversionOrExercisePrice>
<exerciseDate><value>2003-09-20</value>
</exerciseDate>
<expirationDate><value>2013-09-19</value>
</expirationDate>
<underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value>
</underlyingSecurityTitle>
<underlyingSecurityShares><value>4000</value>
</underlyingSecurityShares>
</underlyingSecurity>
<ownershipNature><directOrIndirectOwnership><value>D</value>
</directOrIndirectOwnership>
</ownershipNature>
</derivativeHolding>
</derivativeTable>
<footnotes><footnote id="F1">The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purpose of Section 16 or for any other purpose.</footnote>
</footnotes>
<ownerSignature><signatureName>/s/ William R. Berkley</signatureName>
<signatureDate>2003-10-30</signatureDate>
</ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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