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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001179110-09-013497.txt : 20090922
<SEC-HEADER>0001179110-09-013497.hdr.sgml : 20090922
<ACCEPTANCE-DATETIME>20090922160416
ACCESSION NUMBER:		0001179110-09-013497
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090920
FILED AS OF DATE:		20090922
DATE AS OF CHANGE:		20090922

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:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31825
		FILM NUMBER:		091080867

	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]
		IRS NUMBER:				043295311
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		800 BOYLSTON ST.
		STREET 2:		34TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199-8157
		BUSINESS PHONE:		617 638-2000

	MAIL ADDRESS:	
		STREET 1:		800 BOYLSTON ST.
		STREET 2:		34TH FLOOR
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02199-8157
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>FORM 4 -
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2009-09-20</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <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>800 BOYLSTON STREET, 34TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>BOSTON</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>02199</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2009-09-20</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3882525</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>787024</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Berkley Foundation</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>375000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Berkley Peninsula</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person was granted 3,000 stock units on September 20, 2009.  Each stock unit represents a fully vested right to receive one share of common stock.  The underlying shares will be issued as soon as practicable.</footnote>
        <footnote id="F2">These shares are held by The Berkley Family Foundation, Inc. (the &quot;Berkley Foundation&quot;).  Mr. Berkley is the President of the Berkley Foundation and may be deemed to be the beneficial owner of shares held by the Berkley Foundation.  Mr. Berkley disclaims beneficial ownership of such shares.</footnote>
        <footnote id="F3">These shares are held by Berkley Peninsula LLC (&quot;Berkley Peninsula&quot;).  Mr. Berkley is the Managing Director and sole owner of Berkley Peninsula and may be deemed to be the beneficial owner of shares held by Berkley Peninsula.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ William R. Berkley</signatureName>
        <signatureDate>2009-09-22</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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