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Exhibit 10.23

ASSIGNMENT AND ASSUMPTION AGREEMENT

        THIS ASSIGNMENT AND ASSUMPTION AGREEMENT is made and entered into by and
between FIRST MARBLEHEAD EDUCATION RESOURCES, INC. ("FMER"), a Delaware
corporation having a principal place of business at 800 Boylston St., 34th
Floor, Boston, Massachusetts 02199 and TERI MARKETING SERVICES, INC. ("TMSI"), a
Delaware corporation and wholly-owned subsidiary of FMER. All capitalized terms
used herein without definition have the meaning set forth in the Marketing
Services Agreement by and between TMSI and THE EDUCATION RESOURCES
INSTITUTE, INC. ("TERI"), a private non-profit corporation organized under
Chapter 180 of the Massachusetts General Laws, with its principal place of
business at 31 St. James Ave., Boston, Massachusetts 02116. This Agreement is
dated as of and effective as of January 1, 2004.

RECITALS

        WHEREAS, under the Marketing Services Agreement ("Agreement"), TMSI
assists TERI in the marketing of TERI-guaranteed loan programs;

        WHEREAS, TMSI desires to assign the performance of its marketing
services under the Agreement to FMER and FMER desires to assume the obligations
and duties of TMSI under the Agreement.

        NOW THEREFORE, in consideration of the foregoing and the mutual
agreements contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and intending to be
legally bound, the parties hereto hereby agree as follows:

        1.    Assignment and Assumption.    TMSI hereby assigns to FMER all of
its duties, responsibilities, and rights under the Agreement, including without
limitation, the performance of Marketing Services. FMER hereby assumes and
agrees to perform such duties and responsibilities, subject to the terms and
conditions set forth in the Agreement.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date first above stated.

FIRST MARBLEHEAD EDUCATION RESOURCES, INC.   TERI MARKETING SERVICES, INC.
By:
 
/s/  RALPH JAMES      

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By:
 
/s/  RALPH JAMES      

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Print Name:   Ralph James

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  Print Name:   Ralph James

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Title:   President

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  Title:   President

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Seen and Agreed:
THE EDUCATION
RESOURCES INSTITUTE, INC.
 
 
 
 
By:
 
/s/  LAWRENCE W. O'TOOLE      

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  Print Name:   Lawrence W. O'Toole

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        Title:   President

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Exhibit 10.23