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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 CknOP4aKql7TYXocAOo06JAiHO19P6TthnLIylO+a6r+nK2hEOf3TsKsjtB2PtpB
 VcNoG/zcYrP5AYP9MPNQOw==

<SEC-DOCUMENT>0001179110-05-011899.txt : 20050611
<SEC-HEADER>0001179110-05-011899.hdr.sgml : 20050611
<ACCEPTANCE-DATETIME>20050608143747
ACCESSION NUMBER:		0001179110-05-011899
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050606
FILED AS OF DATE:		20050608
DATE AS OF CHANGE:		20050608

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:			Lutz Larry Alberson
		CENTRAL INDEX KEY:			0001291383

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31825
		FILM NUMBER:		05884862

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		617-638-2000

	MAIL ADDRESS:	
		STREET 1:		THE FIRST MARBLEHEAD CORPORATION
		STREET 2:		800 BOYLSTON STREET, 34TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199
</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>2005-06-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001291383</rptOwnerCik>
            <rptOwnerName>Lutz Larry Alberson</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>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Exec. VP, Business Development</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2005-06-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.88</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>12021</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Vanguard Funds Trust Co. as Custodian for IRA FBO L.A. Lutz Rollover Account</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Employee Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.88</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-06-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>5000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2002-02-16</value>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2012-02-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>5000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>40000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">As originally granted, the option covered 60,000 shares of Common Stock, of which 40,020 shares vested on February 16, 2002 and 19,980 shares vested on February 16, 2003.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Donald R. Peck, by power of attorney</signatureName>
        <signatureDate>2005-06-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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