LIMITED POWER OF ATTORNEY
FOR SECTION 16 REPORTING OBLIGATIONS

Know all by these presents, that the undersigned hereby makes, constitutes
and appoints each of Daniel M. Meyers, Ralph James and Donald R. Peck,
signing singly and each acting individually, as the undersigned's true and
lawful attorney-in-fact with full power and authority as hereinafter
described to:
(1)	execute for and on behalf of the undersigned, in the undersigned's
        capacity as an officer and/or director of The First Marblehead
        Corporation (the "Company"), Forms 3, 4, and 5 (including any
        amendments thereto) in accordance with Section 16(a) of the Securities
        Exchange Act of 1934 and the rules thereunder (the "Exchange Act");
(2)	do and perform any and all acts for and on behalf of the undersigned
        which may be necessary or desirable to prepare, complete and execute
        any such Form 3, 4, or 5, prepare, complete and execute any amendment
        or amendments thereto, and timely deliver and file such form with the
        United States Securities and Exchange Commission and any stock exchange
        or similar authority;
(3)	seek or obtain, as the undersigned's representative and on the
        undersigned's behalf, information regarding transactions in
        the Company's securities from any third party, including brokers,
        employee benefit plan administrators and trustees, and the
        undersigned hereby authorizes any such person to release any
        such information to such attorney-in-fact and approves
        and ratifies any such release of information; and
(4)	take any other action of any type whatsoever in connection with
        the foregoing which, in the opinion of such attorney-in-fact,
        may be of benefit to, in the best interest of, or legally
        required by, the undersigned, it being understood that the
        documents executed by such attorney-in-fact on behalf of the
        undersigned pursuant to this Power of Attorney shall be in
        such form and shall contain such terms and conditions as such
        attorney-in-fact may approve in such attorney-in-fact's
        discretion.
The undersigned hereby grants to each such attorney-in-fact full
power and authority to do and perform any and every act and thing
whatsoever requisite, necessary, or proper to be done in the exercise
of any of the rights and powers herein granted, as fully to all
intents and purposes as the undersigned might or could do if
personally present, with full power of substitution or revocation,
hereby ratifying and confirming all that such attorney-in-fact, or
such attorney-in-fact's substitute or substitutes, shall lawfully
do or cause to be done by virtue of this power of attorney and the
rights and powers herein granted.  The undersigned acknowledges that
the foregoing attorneys-in-fact, in serving in such capacity at the
request of the undersigned,are not assuming nor relieving, nor is
the Company assuming nor relieving, any of the undersigned's
responsibilities to comply with Section 16 of the Exchange Act.  The
undersigned acknowledges that neither the Company nor the foregoing
attorneys-in-fact assume (i) any liability for the undersigned's
responsibility to comply with the requirement of the Exchange Act,
(ii) any liability of the undersigned for any failure to comply with
such requirements, or (iii) any obligation or liability of the
undersigned for profit disgorgement under Section 16(b) of the
Exchange Act.

This Power of Attorney shall remain in full force and effect until
the undersigned is no longer required to file Forms 3, 4, and 5 with
respect to the undersigned's holdings of and transactions in
securities issued by the Company, unless earlier revoked by the
undersigned in a signed writing delivered to the foregoing
attorneys-in-fact.

IN WITNESS WHEREOF, the undersigned has caused this Power of
Attorney to be executed as of this 9th day of October, 2003.

/s/ Peter S. Drotch
Signature
Peter S. Drotch
Print Name