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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 EGYdBQgfY5P8Ws+o+WfO3H2SrJrGbCshBlqirB85Cl1sUY736DejFeUPcRp4NGrC
 NsRs6EDaFo5HRDiz1mOOSA==

<SEC-DOCUMENT>0001179110-05-017195.txt : 20050831
<SEC-HEADER>0001179110-05-017195.hdr.sgml : 20050831
<ACCEPTANCE-DATETIME>20050831143738
ACCESSION NUMBER:		0001179110-05-017195
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050830
FILED AS OF DATE:		20050831
DATE AS OF CHANGE:		20050831

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MARBLEHEAD CORP
		CENTRAL INDEX KEY:			0001262279
		STANDARD INDUSTRIAL CLASSIFICATION:	PERSONAL CREDIT INSTITUTIONS [6141]
		IRS NUMBER:				043295311

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Tarr Peter B
		CENTRAL INDEX KEY:			0001332147

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31825
		FILM NUMBER:		051061455

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		800-895-4283

	MAIL ADDRESS:	
		STREET 1:		C/O THE FIRST MARBLEHEAD CORPORATION
		STREET 2:		800 BOYLSTON STREET, 34TH STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02109
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-08-30</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001262279</issuerCik>
        <issuerName>FIRST MARBLEHEAD CORP</issuerName>
        <issuerTradingSymbol>FMD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001332147</rptOwnerCik>
            <rptOwnerName>Tarr Peter B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O THE FIRST MARBLEHEAD CORPORATION,</rptOwnerStreet1>
            <rptOwnerStreet2>800 BOYLSTON STREET, 34TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02199</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Vice Chairman and Gen Counsel</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-08-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>10000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>29.54</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes></footnotes>

    <ownerSignature>
        <signatureName>/s/ Peter B. Tarr</signatureName>
        <signatureDate>2005-08-31</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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