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                                                                   EXHIBIT 10.18

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
         SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

                                                                     PA Draft #9
                                                                 Execution Draft
                                                                February 9, 2001

                         MASTER LOAN GUARANTY AGREEMENT

         THIS MASTER LOAN GUARANTY AGREEMENT ("Agreement") is made and entered
into by and between 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 330 Stuart Street, Boston,
Massachusetts 02116 and THE FIRST MARBLEHEAD CORPORATION ("FMC"), a Delaware
corporation having a principal place of business at 30 Little Harbor,
Marblehead, Massachusetts 01945. This Agreement is dated as of February 2, 2001.

                                    RECITALS

         WHEREAS, TERI is a not-for-profit private loan guaranty company with
substantial experience developing and executing education loan programs made by
private lenders and guaranteed by TERI; and

         WHEREAS, FMC is a developer, marketer, and market maker for education
loans made by private lenders and sold by those lenders into Securitization
Transactions arranged by FMC and its affiliate, The National Collegiate Trust;
and

         WHEREAS, FMC and TERI contemplate executing and consummating a certain
Purchase and Sale Agreement pursuant to which TERI will sell to First Marblehead
Education Resources ("FMER") its operating divisions that perform loan
underwriting, origination, marketing and claims management with respect to loans
guaranteed by TERI; and

         WHEREAS, FMC and TERI contemplate that TERI and FMER will enter into a
Master Servicing Agreement pursuant to which FMER will provide services to TERI
in connection with the underwriting, origination, and claims management of
existing and future TERI-guaranteed loans; and

         WHEREAS, FMC and TERI contemplate that TERI and FMC Marketing Sub will
enter into a Loan Marketing Agreement pursuant to which FMC Marketing Sub will
provide marketing services to TERI; and

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         WHEREAS, FMC and TERI desire to arrange for TERI to guaranty existing
and future FMC-sponsored loan programs, including, without limitation, the Bank
of America/GATE Loan Programs; and

         WHEREAS, TERI would benefit from FMC's creation of a new market for
Program Lenders to sell loans guaranteed by TERI; and

         WHEREAS, FMC and TERI desire to set forth herein in detail the terms
pursuant to which TERI will provide guarantees for the Bank of America/GATE Loan
Programs and FMC will continue to create a market for loans made under such
program; and

         WHEREAS, FMC desires to set forth herein procedures to negotiate terms
and conditions for future TERI-guaranteed programs to be marketed by FMC
Marketing Sub and purchased in Securitization Transactions.

         NOW, THEREFORE, in consideration of these presents and the covenants
contained herein, the parties do hereby agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

         As used in this Agreement, the following terms shall have the following
meanings.

1.01     "Asset Purchase Date" means the date of consummation of the
transactions contemplated by the Purchase and Sale Agreement.

1.02     "BA" or "Bank of America" means Bank of America, National Association,
a national banking association having its principal office in Charlotte, North
Carolina.

1.03     "BA Guaranty Agreement" means the form of Guaranty Agreement, attached
hereto as Exhibit C.

1.04     "BA Note Purchase Agreement" means a certain Note Purchase Agreement
between BA and FMC dated as of April 3, 2000.

1.05     "Deposit and Security Agreement" means an agreement between BA and TERI
substantially in the form of Exhibit E attached hereto.

1.06     "Excess Deposited Funds" has the meaning set forth in Section 2.04.

1.07     "FMC Marketing Sub" means TERI Marketing Services, Inc., a Delaware
corporation.

1.08     "FMC Purchase Program" means a loan program (including, without
limitation, the Bank of America/GATE Loan Programs) pursuant to which FMC has
agreed to enter

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into a Note Purchase Agreement with the Program Lender(s) and thereby create a
regular method for Program Lender(s) to sell TERI-guaranteed loans. The Bank of
America/GATE Loan Programs are FMC Purchase Programs. No other loan program
shall be considered an "FMC Purchase Program" until FMC and TERI have executed a
separate letter agreement as described in Section 2.05 hereof.

1.09     "FMER" means First Marblehead Education Resources, a Delaware
corporation.

1.10     "GAAP" means generally accepted accounting principles, consistently
applied.

1.11     "Bank of America/GATE Loan Programs" means, collectively, the loan
programs described in the Program Guidelines.

1.12     "GATE Student Loan Program" means the FMC-sponsored program providing
loans for graduate and undergraduate students who (a) may not have a credit
history but do not have significant negative credit history, (b) are enrolled at
schools that (i) agree to participate in the program, (ii) award the loans to
specified students, and (iii) in most cases, provide direct or indirect credit
support for the loans, as such program may be revised or modified from time to
time.

1.13     "Governmental Entity" has the meaning set forth in Section 6.04 below.

1.14     "Guaranty Agreement" means that form of Guaranty Agreement between TERI
and a Program Lender attached hereto as Exhibit G.

1.15     "Loan Origination Agreement" means a form of agreement between TERI and
a Program Lender substantially in the form of Exhibit D attached hereto.

1.16     "Master Servicing Agreement" means that certain agreement to be entered
into on the Asset Purchase Date between TERI and FMER with respect to certain
loan origination, underwriting, and collection services provided by FMER to
TERI.

1.17     "NCT" means The National Collegiate Trust, a Delaware business trust
owned by FMC.

1.18     "Note Purchase Agreement" means an agreement pursuant to which FMC
agrees with a Program Lender to use its best efforts to cause Securitization
Transactions to occur and which defines the terms pursuant to which NCT or an
NCT affiliate will purchase TERI-guaranteed loans covered by a particular FMC
Purchase Program.

1.19     "Pledged Account" has the meaning set forth in Section 2.04.

1.20     "Program Guidelines" means, collectively, Exhibits A through J attached
to the BA Guaranty Agreement, as modified from time to time pursuant to the
terms hereof, and such similar guidelines as may hereafter by agreement of the
parties apply to any future FMC Purchase Program.

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1.21     "Program Lender" means (a) with respect to the Bank of America/GATE
Loan Programs, Bank of America, and (b) with respect to any future FMC Purchase
Program, any financial institution that agrees to act as lender pursuant to the
Program Guidelines governing such program and enters (x) into a Guaranty
Agreement substantially in the form of Exhibit G hereto or such other form as
TERI and FMC may agree and (y) into a Note Purchase Agreement satisfactory to
FMC.

1.22     "Purchase and Sale Agreement" means an agreement to be entered into
between FMC and TERI pursuant to which FMC agrees to cause FMER to purchase
certain tangible and intangible assets of TERI.

1.23     "Rating Agencies" means Moody's Investors Services, Inc., Fitch IBCA,
and Standard & Poors, Inc., any successor thereto, and any other nationally
recognized statistical rating agency (as defined in the regulations of the
Securities and Exchange Commission) that now or hereafter issues a publicly
available credit rating of TERI.

1.24     "Seasoned Loans" means all Bank of America/GATE Loans meeting the
following criteria:

         (a)   that have not been sold by BA, and

         (b)   either

               (i)     with respect to a Loan whose first scheduled borrower
               payment is less than 30 months after the date of the first
               disbursement, six months have expired after the date of such
               first disbursement and the loan has been fully disbursed; or

               (ii)    with respect to Loans whose first scheduled borrower
               payment is 30 months or more after the date of the first
               disbursements, 30 months have expired following the date of first
               disbursement; and

         (c)   FMC's right to purchase such Loan has not expired (such
expiration occurring [**] days after the first May 1 when such Loan first met
the definition of a "Seasoned Loan").

         For purposes of subsection (b), the records of the Servicer established
after the first disbursement is actually made shall be dispositive, unless
manifestly erroneous. FMC shall prepare a monthly report to TERI, based upon the
Servicer's monthly report of new loans posted to the servicing system. Such a
report shall include borrower name, loan number, principal amount, and the date
the loan will become a "Seasoned Loan."

1.25     "Securitization" or "Securitization Transaction" shall mean and refer
to a transaction in which one or more Program Lenders sell TERI-guaranteed loans
to a Special Purpose Entity, which entity funds the acquisition of such loans by
the issuance

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of debt instruments or other obligations, which instruments or obligations are
limited in recourse to the proceeds of the loans being purchased by such special
purpose entity and certain other assets, such as the Pledged Account described
in Section 2.04 hereof, bond insurance and other assets supporting obligations
issued by the Special Purpose Entity. FMC shall make equity investments as
provided herein to provide additional funds for loan acquisition.

1.26     "Securitization Trust Agreement" means an agreement pursuant to which a
Sub Trust is created and the beneficial interests of its owners are established.

1.27     "Servicer" means: (a) with respect to the Bank of America/GATE Loan
Program, the Pennsylvania Higher Education Assistance Agency or such other
servicer as may be designated by FMC and approved by TERI from time to time, and
(b) with respect to any other program, the servicer or servicers acceptable to
FMC and TERI who agree with Program Lenders and with NCT to provide both pre-
and post-securitization loan servicing.

1.28     "Special Purpose Entity" or "Sub Trust" means an entity formed by NCT
or FMC for the limited purpose of conducting a Securitization Transaction in
which TERI-guaranteed loans (and loans from other FMC programs) are purchased
from one or more Program Lenders.

1.29     "Subsequent Guaranty Fee" has the meaning set forth in the BA Guaranty
Agreement and in any other Guaranty Agreement that calls for the Program Lender
to pay guaranty fees to TERI in addition to payment of TERI's initial guaranty
fee of [**], which fees may be either or both: (a) collected from the borrower
and/or paid by the Lender in connection with Loan disbursement, or (b) paid by
the Lender subsequent to the funding of the loan (for example, at the beginning
of loan repayment or at purchase in a Securitization Transaction).

                                   ARTICLE II
                    AFFIRMATIVE COVENANTS OF TERI RELATING TO
                  GATE FAMILY LOAN PROGRAM AND FUTURE PROGRAMS

2.01     GUARANTY AGREEMENT WITH BANK OF AMERICA. TERI shall enter into a
Guaranty Agreement with Bank of America, as Program Lender under the Bank of
America/GATE Loan Programs, substantially in the form of Exhibit C attached
hereto, with such changes therein as may be requested by Bank of America and
approved by TERI and FMC, which approval shall not be unreasonably withheld,
delayed or conditioned. TERI shall maintain such Guaranty Agreement in full
force and effect unless and until either: (a) TERI shall terminate the Guaranty
Agreement pursuant to the terms thereof, or (b) this Agreement is terminated.

2.02     LOAN ORIGINATION AGREEMENT. TERI shall enter into a Loan Origination
Agreement with Bank of America relating to origination of the prepGATE Loan
Program (one of the Bank of America/GATE Loan Programs) substantially in the
form of Exhibit

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D attached hereto, with such changes therein as may be requested by Bank of
America and approved by TERI and FMC, which approval shall not be unreasonably
withheld, delayed or conditioned.

2.03     APPROVAL OF PROGRAM GUIDELINES. The parties agree that the Program
Guidelines will need to be updated and be modified to respond to changed
conditions from time to time, and that new or revised Program Guidelines may
need to be developed for future FMC Purchase Programs. Modifications that affect
TERI shall be made in a manner that does not interfere with the ordinary
advertising and origination cycle for education loans. Accordingly, the parties
shall exchange requests for modifications affecting TERI in the last calendar
quarter of each year, on or prior to November 15th, and shall conclude their
discussions of any modifications by December 31 of each calendar year. All
modifications must be mutually acceptable. Any modifications to the Program
Guidelines that affect a Program Lender or Servicer must be approved by the
party affected. The parties shall use their best efforts to obtain such
approval.

2.04     SEGREGATION OF GUARANTY FEES. TERI shall enter into a Deposit and
Security Agreement with Bank of America and the Agent named therein,
substantially in the form of Exhibit E attached hereto, providing, INTER ALIA,
for the segregation of a portion of guaranty fees payable to TERI in respect of
loans originated under the BA Guaranty Agreement, and including the following
key terms:

         (a)   The Subsequent Guaranty Fees in respect of such loans shall be
paid directly to the Agent as soon as such fees become payable and deposited by
the Agent into a segregated fund, which shall be held as collateral to secure
TERI's obligation to purchase defaulted Bank of America/GATE Loans (the "Pledged
Account"). The Agent shall have a perfected security interest in any right of
TERI to receive any Subsequent Guaranty Fee, and TERI shall take all actions
necessary or appropriate to perfect such interest, including, without
limitation, execution of UCC-1 financing statements.

         (b)   The Agent shall be a financial institution acceptable to all of
the parties.

         (c)   From time to time, the Agent will release amounts from the
Pledged Account to enable TERI to purchase defaulted loans ("Defaulted Loans").
TERI shall deposit net amounts recovered with respect to Defaulted Loans to the
Pledged Account as set forth in the Deposit and Security Agreement. Such deposit
is computed after deduction of TERI's collection costs. Recoveries include any
repurchase of a "cured" loan by a Program Lender.

         (d)   Upon a sale of Seasoned Loans, the guaranty of which is
collateralized by the Pledged Account, in a Securitization Transaction, (i) the
indenture trustee in the Securitization Transaction shall become the Agent with
respect to the Pledged Account or (ii) some or all of the applicable Program
Lender's interest in the Pledged Account shall be assigned to such indenture
trustee, to secure TERI's obligation to pay guaranty claims to the Sub Trust.

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         (e)   TERI shall be entitled to receive a payment of Excess Deposited
Funds quarterly. As used herein, "Excess Deposited Funds" means the amount by
which the balance of funds held in the Pledged Account exceeds [**] of the
principal of any TERI-guaranteed loans held by the Sub Trust. FMC agrees to
consult with the Rating Agencies from time to time regarding reduction of such
percentage below [**] and to cause such reduction to be included in the terms of
future Securitization Transactions to the extent that it can be effected without
adverse effect upon either the credit rating or the financial terms of such
transactions.

         (f)   In the event that the Rating Agencies or a party to a
Securitization Transaction requires a modification to the terms under which the
Pledged Account will be held in such transaction, TERI agrees to negotiate in
good faith with respect to such modification.

2.05     TERI REVIEW OF DESIGN OF FUTURE PROGRAMS. FMC may, and to the extent
required by Sections 3.05 and 8.01(b), FMC shall from time to time, propose
additional FMC Purchase Programs for inclusion under this Agreement. TERI agrees
to review such proposals promptly and to respond, in writing, to such proposals
within thirty (30) days, specifying any changes it requests in order to approve
such proposals for inclusion under this Agreement. Upon approval of an
additional FMC Purchase Program for inclusion under this Agreement, TERI shall
give to FMC its written approval of the associated Program Guidelines, Guaranty
Agreement, Loan Origination Agreement, Deposit and Security Agreement, and Note
Purchase Agreement, all of which shall be in form and substance reasonably
satisfactory to FMC and TERI.

2.06     APPROVAL OF SERVICERS. TERI shall review and approve or deny within
thirty (30) days any proposed Servicer suggested by FMC or any Program Lender.
TERI's approved Servicer list presently includes Pennsylvania Higher Education
Assistance Authority, AFSA Data Corporation, Education Funding Services, USA
Group Servicing, Education Funding Group (formerly EduServ), Unipac Services
Corporation, and Great Lakes Higher Education Servicing.

TERI will not unreasonably withhold its consent to the Program Lender's choice
of a servicer not previously approved by TERI (it being acknowledged that the
Program Lender, not TERI, bears the ultimate financial risk of retaining a
servicer that does comply with the Program Guidelines.)

TERI's approval of a Servicer is in no way an endorsement of such Servicer and
TERI shall have no liability to the Program Lender or FMC for any losses arising
from such Servicer's failure to comply with the Program Guidelines or applicable
law, nor shall TERI be required to honor any claim submitted by such Servicer if
the claim does not comply with the requirements of the applicable Guaranty
Agreement.

2.07     ISSUANCE OF CONTINUING GUARANTY AGREEMENT IN SECURITIZATION
TRANSACTION. In order to facilitate Securitization Transactions, TERI agrees to
issue a new guaranty agreement to the new owner of TERI-guaranteed loans in any
Securitization Transaction

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involving an FMC Purchase Program. Said guaranty agreement shall be on the same
terms and conditions as those applicable to the Program Lender selling the loans
in the Securitization Transaction.

2.08     OPINIONS IN SUPPORT OF SECURITIZATION. In order to facilitate
Securitization Transactions, TERI agrees to provide the opinion of its
Massachusetts and federal law counsel, addressed to the parties in a
Securitization Transaction, to the effect that the form and terms of any
Promissory Note, disclosure, and other loan documents used by TERI to originate
any FMC Purchase Program Loan sold in the Securitization Transaction comply with
all Massachusetts and federal law requirements. This requirement shall only
apply to loans actually originated by TERI pursuant to an agreement with the
Program Lender.

                                   ARTICLE III
                        COVENANTS OF FMC WITH RESPECT TO
                  GATE FAMILY LOAN PROGRAM AND FUTURE PROGRAMS

3.01     FACILITATION OF SECURITIZATION TRANSACTIONS. FMC has entered into a
Note Purchase Agreement with Bank of America, relating to purchase of all
Seasoned Loans made by Bank of America. FMC agrees for the benefit of TERI to
perform its obligations pursuant to said Note Purchase Agreement. FMC further
agrees, for the benefit of TERI, to [**] to cause a purchase of Bank of
America/GATE Loans in a Securitization Transaction pursuant to the Note Purchase
Agreement at least once per calendar year and that such Securitization
Transaction shall be scheduled to occur in the period March through May. In
addition, as soon as the volume of loans to mid-year graduates is sufficient to
make a second annual securitization economically reasonable, FMC will [**]to
cause a Securitization Transaction to occur in the fall of each year. The
purpose of this provision is to minimize the likelihood that large numbers of
loans will go into default and become subject of a Guaranty claim before all
Subsequent Guaranty fees have been paid into the Pledged Account.

3.02     STRUCTURE OF SECURITIZATION TRANSACTION FOR BENEFIT OF TERI. FMC
agrees, either directly or through its affiliate, NCT, to structure any
Securitization Transaction in which loans made pursuant to an FMC Purchase
Program are purchased to include the following provisions:

         (a)   TERI shall be entitled to receive the Excess Deposited Funds, as
defined in Section 2.04 above, to the extent any exist from time to time.

         (b)   If the Asset Purchase Date has occurred and if TERI shall agree
to accede to ownership of the Sub Trust by execution of an Accession Agreement
in the form of Exhibit F attached hereto, then FMC will cause the terms of the
Securitization Trust Agreement to provide a beneficial interest for TERI, as
owner, that will entitle TERI to ownership of 25% of the Residual Value of
TERI-guaranteed loans owned by such Sub Trust. The Securitization Trust
Agreement shall be satisfactory in form and substance to

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FMC and TERI; PROVIDED, HOWEVER, that the consent of TERI to the terms of such
Securitization Trust Agreement shall not be required (but such agreement SHALL
provide said 25% ownership) if this Agreement has been terminated pursuant to
Section 8.03(a) hereof. As used herein, the term "Residual Value" means the
proceeds of TERI-guaranteed loans after (i) retirement of any debt or other
obligations of the Sub Trust incurred by the Sub Trust in connection with the
purchase of such loans, including, without limitation, payment of principal,
interest, premium, bond insurance and other credit support costs, structuring
costs, advisors fees and all other charges arising out of or incurred as a
result of a Securitization Transaction, whenever payable, and also including the
cost of any refinancing of such obligations, (ii) payment of all of the
operating costs of the Sub Trust (e.g., trustees' fees and trust administration
costs), not to exceed 75[**]basis points (0.75%) of the principal value of the
Sub trust corpus per annum, (iii) payment of all servicing fees, collection
agency fees and other charges assessed by third parties to service and collect
the loans that make up the trust corpus, and (iv) repayment of any cash equity
investment made by FMC or any affiliate of FMC in connection with the formation
of the Sub Trust and the purchase of the TERI-guaranteed loans in question. TERI
understands and agrees that there is no assurance that the Residual Value, as
defined herein, will have any cash value with respect to any particular Sub
Trust.

FMC agrees that it will not consummate any Securitization Transaction involving
TERI-guaranteed loans prior to April 15, 2001. In the event FMC consummates a
Securitization Transaction after that date (but prior to the Asset Purchase
Date) involving TERI-guaranteed loans that are FMC Purchase Loans, and FMC will
arrange for TERI to receive the aforesaid ownership of 25%of the Residual Value
of TERI-guaranteed loans in said transaction pursuant to an Accession Agreement,
under the terms of which TERI's rights will revert to FMC if the Asset Purchase
Date does not occur by January 1, 2002.

3.03     EQUITY INVESTMENT BY FMC IN SUB TRUST. If the Asset Purchase Date has
occurred, FMC agrees to make equity investments in Sub Trusts that purchase FMC
Purchase Program Loans. The amount of such equity investments shall be such
amount as is necessary: (i) to provide adequate funds to purchase all FMC
Purchase Program Loans then available for purchase under the applicable Note
Purchase Agreement (including, without limitation, all Seasoned Loans), and (ii)
to structure such transaction in accordance with Rating Agency guidelines and
the transaction structure requirements of FMC. FMC's obligation to make equity
investments in Sub Trusts shall not exceed the aggregate amount of $15 million
in total of all investments made from time to time, including both investments
to purchase Bank of America/GATE Loans and investments to purchase loans under
any future FMC Purchase Programs, whether or not such investments have been
repaid by any Sub Trust, in whole or in part. The terms of such equity
investments shall be without interest or other premium, but such equity
investments shall be entitled to a preference in repayment upon any liquidation
of the Sub Trust, prior to any distribution of Residual Interests.

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3.04     OTHER CUSTOMARY FEES. FMC and its affiliates shall also be entitled to
receive their customary fees in connection with the structuring of
Securitization Transactions and the administration of Sub Trusts, as such fees
are established from time to time. Such fees shall not exceed the amount charged
by FMC or its affiliates for securitization structuring and/or trust
administration in connection with similar transactions not involving
TERI-guaranteed loans.

3.05     FMC OBLIGATION TO DEVELOP FUTURE PROGRAMS (PRIVATE LABEL). If the Asset
Purchase Date has occurred, FMC shall, as a consultant to TERI, develop and
propose to TERI consumer product pricing and repayment terms, together with
other program terms necessary for future securitization for one or more programs
of TERI-guaranteed private education loans to be marketed by Program Lender(s)
(i) under such lender's proprietary branding and/or (ii) to students attending
one or more specified schools. Such programs will qualify as FMC Purchase
Programs. FMC's proposals will include underwriting criteria and pricing
matrices for the loans. It will also include any modifications to TERI's Program
Guidelines necessary to describe the program. Upon approval of the program by
TERI, FMC will draft for TERI's approval a proposed Guaranty Agreement, Loan
Origination Agreement, model Loan Servicing Agreement acceptable for
securitization by FMC, and a form of Note Purchase Agreement to be entered into
between FMC and Program Lenders. FMC will propose the underwriting criteria and
pricing matrices within 30 days after the Asset Purchase Date and from time to
time thereafter. FMC shall receive no compensation for its services under this
Section 3.05 over and above the compensation it receives as a consequence of
securitization of the loans made pursuant to its proposals. FMER may receive
compensation under the Master Servicing Agreement for services that support
FMC's efforts pursuant to this Section.

                                   ARTICLE IV
                            GENERAL COVENANTS OF TERI

4.01     MAINTAIN 501(c)(3) STATUS. TERI shall take all actions necessary or
appropriate to maintain its status as a tax-exempt organization pursuant to
Section 501(c)(3) of the Internal Revenue Code of the United States. Such action
shall include, without limitation, the maintenance of adequate staff levels and
expertise to supervise the activities of FMER under the Master Servicing
Agreement and to review and approve or reject FMC proposals for modifications to
existing FMC Purchase Programs and for the creation of new FMC Purchase
Programs.

4.02     GOVERNMENTAL APPROVALS.  TERI shall obtain and maintain all necessary
licenses, registrations, approvals, and governmental authorizations now or in
the future necessary to conduct its business as a loan guaranty agency.

4.03     PERFORM GUARANTY OBLIGATIONS.  TERI shall perform each and all of its
obligations under each and every Guaranty Agreement between TERI and any Program
Lender covered by this Agreement.

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4.04     CREDIT RATINGS.  TERI shall use all reasonable efforts to maintain its
current credit ratings with the Rating Agencies.

4.05     REGULATORY COMMUNICATIONS. TERI shall promptly forward to FMC any
notices, demands, reports or other communications from any regulator or
supervisory agency having jurisdiction over TERI that in any way relate to or
could potentially affect any FMC Purchase Program or any other loan Guaranty
program offered by TERI.

4.06     CONSULTATION WITH FMC. TERI shall not offer any new loan guaranty
program nor shall it enter into any other financially material transaction or
assume any other material performance obligation (in addition to those currently
in effect) without first consulting with FMC and will not enter into any such
new program or obligation that will have a material adverse effect upon the
ability of TERI to perform its obligations under this Agreement. This Section
4.06 is acknowledged not to apply to the entry by TERI into any agreement with a
new lender under any existing TERI credit-tested loan program, so long as the
terms of such agreement are substantially the same as for other lenders in such
program.

                                    ARTICLE V
                                COVENANTS OF FMC

5.01     LICENSES AND PERMITS.  FMC shall obtain and maintain all necessary
licenses and permits in order to perform its obligations under this Agreement.

5.02     PERFORMANCE OF AGREEMENTS. FMC will perform its obligations under the
Note Purchase Agreement and under similar note purchase agreements entered into
pursuant to this Agreement.

5.03     OWNERSHIP OF OPERATING SUBSIDIARIES. During the term hereof, FMC shall
be and remain the owner of 100% of the issued and outstanding voting securities
of FMER and FMER shall be and remain the owner of 100% of the issued and
outstanding voting securities FMC Marketing Sub.

                                   ARTICLE VI
                     REPRESENTATIONS AND WARRANTIES OF TERI

         TERI represents and warrants to FMC as follows:

6.01     ORGANIZATION AND QUALIFICATION. TERI is duly organized and validly
existing and is in good standing as a nonprofit corporation under the laws of
the Commonwealth of Massachusetts. TERI has the requisite power and authority
and all necessary governmental approvals to own, lease and operate its
properties and to carry on its business as it is now being conducted. TERI is
duly qualified or licensed to do business and is in good standing in each
jurisdiction where the character of the properties owned, or leased or operated
by it or the nature of its business makes such qualification or licensing
necessary.

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6.02     AUTHORITY.

         (a)   TERI has all necessary corporate power and authority to execute
and deliver this Agreement and to perform its obligations under this Agreement
and to consummate the other transactions contemplated by this Agreement. The
execution and delivery of this Agreement by TERI and the consummation by TERI of
such transactions have been duly and validly authorized by all necessary
corporate action and no other corporate proceedings on the part of TERI are
necessary to authorize this Agreement or to consummate such transactions. This
Agreement has been duly authorized and validly executed and delivered by TERI
and constitutes a legal, valid and binding obligation of TERI, enforceable
against TERI in accordance with its terms.

         (b)   The Board of Directors of TERI has (i) approved this Agreement
and the other transactions contemplated by this Agreement, (ii) acting through
duly authorized committees, reviewed and analyzed all information (including,
without limitation, advice of counsel) that it has deemed necessary in order to
determine the appropriateness from TERI's point of view of the transactions
contemplated by this Agreement, and (iii) has declared that this Agreement and
the other transactions contemplated by this Agreement are advisable and in the
best interests of TERI. TERI shall provide to FMC a Clerk's certificate
attesting to the relevant board resolutions, the vote approving each and any
board minutes relating to the same.

6.03     NO CONFLICTS.  The execution and delivery of this Agreement by TERI do
not, and the performance of this Agreement by TERI will not:

         (a)   conflict with or violate any provision of TERI's Certificate of
Incorporation or Bylaws;

         (b)   conflict with or violate any foreign or domestic law, statute,
ordinance, rule, regulation, order, judgment or decree ("Law") applicable to
TERI or by which any property or asset of TERI is or may be bound or affected;
or

         (c)   result in any breach of or constitute a default (or an event
which, with or without notice or lapse of time or both, would become a default)
under, or give to others any right of termination, amendment, acceleration or
cancellation of, or result in the creation of an encumbrance on any property or
asset of TERI under any note, bond, mortgage, indenture, contract, agreement,
commitment, lease, license, permit, franchise or other instrument or obligation
(collectively, "Contracts"), to which TERI is a party or by which it or its
assets or properties is or may be bound or affected.

6.04     REQUIRED FILINGS AND CONSENTS. The execution and delivery of this
Agreement by TERI do not, and the performance of this Agreement by TERI will
not, require any consent, approval, authorization or permit of, or filing with
or notification to, any domestic or foreign national, federal, state,
provincial, or local governmental, regulatory

                                       12
<Page>

or administrative authority, agency, commission, court, tribunal or body or
self-regulated entity (each, a "Governmental Entity").

6.05     PERMITS, COMPLIANCE WITH LAW. TERI is in possession of all franchises,
grants, authorizations, licenses, permits, easements, variances, exceptions,
consents, certificates, approvals and orders of any Governmental Entity
necessary for TERI to own, lease and operate its properties or to carry on its
business as now being conducted (collectively, the "TERI Permits"), and, as of
the date of this Agreement, the suspension or cancellation of any of the TERI
Permits is not pending or, to the knowledge of TERI, threatened. TERI is not in
conflict with, or in default or violation of (i) any law applicable to TERI or
by which any property or asset of TERI is or may be bound or affected, or (ii)
any TERI Permits.

6.06     FINANCIAL STATEMENTS.

         (a)   Each of the consolidated balance sheets of TERI (including, in
each case, the related notes and schedules) as of December 31, 1998, December
31, 1999, and any subsequent date of any financial statement provided to FMC,
fairly presented the consolidated financial position of TERI as of their
respective dates in accordance with GAAP. Each of the consolidated statements of
income and cash flows of TERI (including, in each case, any related notes and
schedules) for the years ended December 31, 1998 and December 31, 1999, and the
period ending with the date of the statement most recently provided to FMC
fairly presented, the consolidated results of operations and cash flows, as the
case may be, of TERI for the periods set forth in those consolidated statements
of income and cash flows (subject, in the case of unaudited quarterly
statements, to notes and normal year-end audit adjustments that will not be
material in amount or effect), in each case in conformity with GAAP. All of such
balance sheets and statements comply as to form in all material respects with
all applicable accounting requirements.

         (b)   Except as and to the extent set forth on the consolidated audited
balance sheet of TERI as of the date most recently provided to FMC, including
related notes, TERI has no liabilities or obligations of any nature (whether
accrued, absolute, contingent or otherwise) that would be required to be
reflected on a balance sheet or in the related notes prepared in accordance with
GAAP, except for liabilities or obligations incurred in the ordinary course of
business since the date of such balance sheet that, individually or in the
aggregate have not resulted and could not reasonably be expected to result in a
Material Adverse Effect (as hereinafter defined) on TERI. For purposes of this
Agreement, "Material Adverse Effect" shall mean any events, circumstances or
conditions that have had, or are reasonably likely to have, a material adverse
effect on the party's financial condition, results of operations, assets or
prospects.

6.07     LITIGATION. Except as set forth in Schedule 6.07 attached hereto, there
is no suit, claim, action, proceeding or investigation (collectively, "Claims")
pending or, to the knowledge of TERI, threatened against TERI before any court
or administrative agency

                                       13
<Page>

or regulatory agency. TERI is not subject to an outstanding order, written
injunction or decree.

6.08     TAX FILINGS. TERI has timely filed, in accordance with all applicable
law, all returns, declarations, reports, forms, estimates, information returns
and/or statements required to be filed in respect of any Taxes or by any
authority responsible for the enforcement of any taxes, including, without
limitation, the Internal Revenue Service of the United States and the
Massachusetts Department of Revenue.

6.09     501(c)(3) STATUS. No action, suit, proceeding, investigation, audit,
claim or assessment is presently pending or, to the knowledge of TERI, proposed
with regard to the retention by TERI of its status as a tax-exempt entity under
Section 501(c)(3) of the Internal Revenue Code.

6.10     CONFLICTING AGREEMENTS. TERI is not a party to any contract which
purports to restrict or prohibit, in any respect, TERI from, directly or
indirectly, engaging in any business contemplated by this Agreement. None of
TERI's officers, directors or key employees is a party to any agreement which,
by virtue of such person's relationship with TERI, restricts in any respect TERI
from, directly or indirectly, engaging in any of the businesses contemplated by
this Agreement.

                                   ARTICLE VII
                      REPRESENTATIONS AND WARRANTIES OF FMC

         FMC hereby represents and warrants to TERI, as follows:

7.01     ORGANIZATION AND QUALIFICATION; SUBSIDIARIES.

         (a)   FMC (i) is duly organized and is validly existing and in good
standing under the laws of the State of Delaware, (ii) has the requisite power
and authority and all necessary governmental approvals to own, lease and operate
the properties and to carry on its business as it is now being conducted, and
(iii) is duly qualified or licensed to do business, and is in good standing, in
each jurisdiction where the character of the property is owned, leased or
operated by it or the nature of its business makes such qualification or
licensing necessary.

         (b)   FMC is the owner of 100% of the outstanding equity interests in
NCT.

7.02     AUTHORITY.

         (a)   FMC has all the necessary power and authority to execute and
deliver this Agreement and to perform its obligations under this Agreement and
to consummate the transaction contemplated by this Agreement to be consummated
by it. The execution and delivery of this Agreement by FMC and the consummation
by FMC of the transactions contemplated hereby have been duly and validly
authorized by all necessary corporate action and no other corporate proceedings
on the part of FMC are necessary to authorize

                                       14
<Page>

this Agreement or to consummate such transactions. This Agreement has been duly
authorized and validly executed and delivered by FMC and constitutes a legal,
valid and binding obligation of FMC enforceable against FMC in accordance with
its terms.

7.03     NO CONFLICTS.

         The execution and delivery of this Agreement by FMC does not, and the
performance of this Agreement by FMC will not:

         (i)   conflict with or violate any provision of FMC's Certificate of
Incorporation or Bylaws;

         (ii)  conflict with or violate any law applicable to FMC or by which
any property or asset of FMC is or may be bound or affected; or

         (iii) result in any breach of or constitute a default (or an event
which, with or without notice or lapse of time or both, would become a default)
under, or give to others any right of termination, amendment, acceleration or
cancellation of, or result in the creation of an encumbrance on any property or
asset of FMC under, any contract to which FMC is a party or by which FMC or its
assets or properties is or may be bound or affected.

7.04     REQUIRED FILINGS AND CONSENTS. Except as set forth in Schedule 7.04
hereto, the execution and delivery of this Agreement by FMC do not, and the
performance of this Agreement by FMC will not, require any consent, approval,
authorization or permit of, or filing with, or notification to, any governmental
entity.

7.05     LITIGATION. There is no claim, action or proceeding pending or, to the
knowledge of FMC, threatened against FMC before any court or administrative or
regulatory body that, if adversely determined, individually or in the aggregate,
has resulted or could reasonably be expected to result in an adverse effect on
the consummation of the transactions contemplated by this Agreement. FMC is not
subject to any outstanding order, writ, injunction or decree which, individually
or in the aggregate, has resulted or could reasonably be expected to result in
an adverse effect on the consummation of the transactions contemplated by this
Agreement.

                                  ARTICLE VIII
                           RELATIONSHIP OF THE PARTIES

8.01     EXCLUSIVITY.

         (a)   PRIOR TO ASSET PURCHASE DATE. Prior to the Asset Purchase Date,
this Agreement shall not restrict the ability of FMC to deal with other
guarantors, and FMC shall be free to enter into other similar agreements with
other persons, except that FMC

                                       15
<Page>

shall not employ the services of any other loan guaranty agency to insure
against the default of borrowers under the Bank of America/GATE Loan Program.

         (b)   AFTER THE ASSET PURCHASE DATE. On and after the Asset Purchase
Date and for so long as this Agreement remains in effect, FMC will not engage
any other guarantor to provide borrower default guaranties, except that this
provision shall not apply to: (i) any loan program that FMC proposes to TERI and
TERI declines to guarantee on terms acceptable to FMC, after FMC and TERI have
negotiated the terms of such program in good faith; (ii) reinsurance programs
for TERI-insured loans, (iii) programs where FMC uses no third-party borrower
default insurance, now or in the future (e.g., the GATE Student Loan Program,
including, without limitation, versions of such program where (A) participating
educational institutions provide partial guaranties, or (B) the originating
lender retains default risk after securitization), and (iv) so-called bond
insurance or wrap insurance used to support debt issued in a Securitization
Transaction (e.g., insurance issued by MBIA).

8.02     TERM AND TERMINATION.

         (a)   PRIOR TO ASSET PURCHASE DATE. On or prior to the Asset Purchase
Date, either party may terminate this Agreement upon 90 days' written notice to
the other party; provided, however, that such notice shall not be effective
prior to March 1, 2002.

         (b)   AFTER ASSET PURCHASE DATE. On and after the Asset Purchase Date,
this Agreement shall have a term of five years, commencing on the first day of
the first calendar month following the Asset Purchase Date. Either party may
renew this Agreement for one, five-year renewal term by delivery of written
notice to the other party not less than 60 days prior to the then-effective
expiration date of this Agreement.

8.03     TERMINATION FOR CAUSE.

         (a)   BY FMC FOR FAILURE OF CONSIDERATION. FMC may terminate this
Agreement on account of the lack of continued value of the TERI Guaranty upon
the occurrence of any of the following events and upon the giving of the notice
provided below:

         (i)   TERI shall fail to maintain its status as a tax-exempt
organization under Section 501(c)(3) of the Internal Revenue Code;

         (ii)  TERI shall fail to pay any Guaranty claim (under any FMC Purchase
Program) due and owing within thirty days after demand for payment from the
Program Lender or loan owner involved, made after the deadline for such payment
as set forth in the applicable Guaranty Agreement, unless funds are available to
pay such claim from the Pledged Account concerned;

         (iii) The Master Servicing Agreement shall fail to remain in full force
and effect for any reason.

                                       16
<Page>

         (iv)  TERI shall permit its financial condition to suffer material
adverse change, as evidenced by

               A.      reduction of its rating by Moody's Investors Services,
         Inc. to Ba3 (or lower) or by Fitch IBCA, Inc. lower than Baa2, unless
         within sixty (60) days TERI receives a strong indication from the
         rating agency concerned that such reduction will be reversed and such
         reduction is not reversed within a further sixty (60) days, provided
         that during the interim FMC shall not be required to (x) enter into any
         Securitization Transaction hereunder, (y) cause or permit the
         origination of any new TERI-guaranteed loans, or (z) comply with
         Section 8.01(b) hereof.

               B.      the commencement of any action by any Governmental Entity
         seeking to take possession of the assets of TERI or control the
         management of TERI, unless TERI promptly moves to dismiss such action
         and the court concerned grants such motion, provided that during the
         interim FMC shall have no obligations under Article III or Section
         8.01(b) hereof.

               C.      any action is commenced by any Governmental Entity
         seeking to liquidate the assets of TERI, unless TERI promptly moves to
         dismiss such action and the court concerned grants such motion,
         provided that during the interim FMC shall have no obligations under
         Article III or Section 8.01(b) hereof.

               D.      Without the consent of FMC, TERI enters into a workout
         agreement or informal arrangement of its lender creditors pursuant to
         which TERI is permitted to pay substantially less than the full amount
         of its obligations under existing Guaranty agreements.

         (v)   TERI shall be in default under the Deposit and Security Agreement
or under any similar agreement with a Program Lender other than BA, such default
shall continue beyond any applicable cure period, and the affected Program
Lender shall accelerate or otherwise exercise one or more remedies for default
under such agreement.

Termination hereunder may be upon five days' written notice.

         (b)   BY TERI FOR FAILURE OF CONSIDERATION. TERI may terminate this
Agreement on account of the lack of continued value of FMC's participation in
TERI loan programs upon the occurrence of any of the following events and upon
the giving of the notice provided below:

               (i)     FMC shall fail to consummate any scheduled Securitization
                       Transaction within ninety (90) days after the closing
                       date scheduled by FMC with the Program Lender and the
                       Servicer.

               (ii)    FMC shall fail to carry out its investment obligations
                       under Section 3.03.

                                       17
<Page>

               (iii)   The Master Servicing Agreement shall fail to remain in
                       full force and effect for any reason.

               Termination hereunder may be upon five days' written notice.

         (c)   TERMINATION FOR CAUSE BY EITHER PARTY. In the event that either
party shall materially breach its obligations under this Agreement and shall
fail to cure such breach within 60 days after written notice and demand for such
cure or in the event that any representation or warranty of such party contained
herein was materially incorrect when given, then the other party may, upon 30
days' written notice, terminate this Agreement. In addition, in the event that
either party becomes a debtor in any proceeding under the U.S. Bankruptcy Code
or in any similar state insolvency or reorganization proceeding, then this
Agreement shall terminate, at the option of the other party, without further
notice (except where notice is permitted by applicable bankruptcy law without
court approval, in which case the terminating party shall deliver written notice
of termination).

8.04     EFFECT OF TERMINATION.  Upon termination of this Agreement by either
party:

         (a)   FMC shall have no further obligation to purchase or agree to
purchase loans guaranteed by TERI that are made after the Termination Date
(subject to FMC's obligations under any Note Purchase Agreement running to any
Program Lender).

         (b)   TERI shall have no further obligation to guaranty any loan that
is made after the Termination Date, subject to any obligations that TERI may
have to any Program Lender under any Guaranty Agreement.

         For purposes of the foregoing subsections 8.04(a) and 8.04(b), a loan
is "made" when it is disbursed, and a loan that involves multiple disbursements
shall be deemed to be "made" on the date of the first disbursement.

         (c)   Neither party shall be excused from performing any obligation or
paying any monies due or earned prior to the effective date of termination,
including, without limitation, any obligation under any Guaranty Agreement.

         (d)   The provisions of Sections 2.04, 10.03, and 10.08 shall remain in
full force and effect notwithstanding termination.

         (e)   In the case of termination pursuant to Section 8.03(a), TERI
shall have no obligation or liability to FMC for damages resulting from
termination. In the case of any other termination, the party whose breach or
nonperformance caused such termination shall be liable to the other party for
damages as provided by law.

         (f)   Termination of this Agreement shall not affect the obligations of
the parties under any Note Purchase Agreement, Guaranty Agreement, or
Securitization Transaction already in effect at the time of termination.

                                       18
<Page>

                                   ARTICLE IX
                              CONDITIONS PRECEDENT

9.01     CONDITIONS TO EACH PARTY'S OBLIGATIONS UNDER THIS AGREEMENT. The
respective obligations of each party to perform their covenants under this
Agreement is subject to the satisfaction or waiver of each of the following
conditions:

         (a)   Bank of America shall have entered into the BA Guaranty Agreement
and the Deposit and Security Agreement with TERI;

         (b)   Bank of America shall have entered into the Loan Origination
Agreement with TERI with respect to the prepGATE Loan Program;

         (c)   Bank of America shall have given its written approval to the
Program Guidelines;

         (d)   The Servicer shall have approved the Program Guidelines as
qualifying for servicing under existing agreements between Bank of America and
Servicer;

         (e)   An Agent acceptable to the parties shall have entered into the
Deposit and Security Agreement; and

         (f)   Each party shall have delivered to the other, the opinion of its
corporate counsel to the effect that this Agreement has been duly authorized by
all necessary corporate or other organizational action, this Agreement is within
the corporate or other organizational power of such party, and that this
Agreement has been duly executed and delivered by an authorized officer of the
party.

         Each party covenants to use its best efforts to cause the occurrence of
the foregoing conditions within 60 days after the date of this Agreement. If
such conditions shall not have been satisfied or waived within said 60-day
period, then either party may thereafter terminate this Agreement with respect
to the Bank of America/GATE Loan Programs by written notice to the other party.

9.02     CONDITIONS ON OBLIGATIONS OF FMC. FMC shall not be obligated to perform
its covenants under this Agreement unless and until the following conditions
shall have been satisfied or waived by FMC:

         (a)   Bank of America and FMC shall have entered into mutually
satisfactory modifications to the BA Note Purchase Agreement and any related
agreements to reflect the addition of the TERI guaranty to the Bank of
America/GATE Loan Program and the expansion of those programs for 2001-2002;

                                       19
<Page>

         (b)   Bank of America shall have entered into a form of Deposit and
Security Agreement substantially in the form of Exhibit E with TERI and FMC and
the representations and warranties of TERI contained therein shall be true and
correct upon such execution.

         (c)   The Servicer shall have entered into a satisfactory agreement
with FMC to service the Bank of America/GATE Loans after securitization.

                                    ARTICLE X
                                  MISCELLANEOUS

10.01    ASSIGNMENT. This Agreement may not be assigned by either party without
the express written consent of the other party. The parties agree that the
performance of each party under this Agreement is personal and depends both upon
the financial condition and the unique business characteristics of each party.
The foregoing limitation shall not apply to any transfer by operation of law,
such as a merger or consolidation, nor to any change in the ownership of FMC.

10.02    AMENDMENT; WAIVER. This Agreement may not be modified or amended
without a writing, signed by the person asserting the validity of such
modification or amendment. No delay or failure by any party to exercise any
right, power or remedy hereunder shall constitute a waiver thereof by such
party, and no single or partial exercise by any party of any right, power or
remedy shall preclude other or further exercise thereof or any exercise of any
other rights, powers or remedies.

10.03    ELECTRONIC RECORDS AND SIGNATURES. The parties intend that reasonably
reliable electronic records and signatures shall be binding upon the parties in
accordance with the provisions of the Federal Electronic Signatures in Global
and National Commerce Act. The parties agree that records and signatures
transmitted by facsimile when bearing the routing information and imprints
ordinarily provided by such technology, shall constitute binding records and
signatures upon the parties. Either party may, in any facsimile, expressly rebut
the binding effect of such communication, but such exclusion from this section
shall only apply to that particular facsimile transmission. The parties further
agree that a notice under Section 10.05 may be given by e-mail and shall
constitute a writing. The parties further agree that e-mail, voice mail or other
recording of voices shall not constitute an electronic signature for purposes of
the parties' transactions under this Agreement. Finally, other forms of
electronic record and signature may be adopted by the parties by subsequent
agreement from time to time.

10.04    CHOICE OF LAW. This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts, without reference
to choice of law rules.

10.05    NOTICES.  All notices given by any party to the other under this
Agreement shall be in writing and shall be delivered:

                                       20
<Page>

         (a)   Personally, by electronic record, as herein defined, by overnight
courier, prepaid, or by depositing the same in the United States mail,
certified, return receipt requested, with postage prepaid, addressed to the
party at the address set forth below. Any party may change the address to which
notices are to be sent by notice of such change to the other party given as
provided herein. Such notices shall be effective on the date received. Notice
shall be given as follows:

         If to FMC:

         Daniel Maxwell Meyers
         The First Marblehead Corporation
         30 Little Harbor
         Marblehead, MA  01945
         Phone: (800) 895-4283
         Fax: (781) 639-4583
         E-Mail: dmeyers@gateloan.com;  rjames@gateloan.com

         With a copy to Richard P. Hackett, Esq.
         Pierce Atwood
         One Monument Square
         Portland, Me 04101
         Phone: 207-791-1280
         Fax:  207-791-1350
         E-Mail: rhackett@pierceatwood.com;  dchampoux@pierceatwood.com

         If to TERI:

         Thomas D. Parker
         President and Chief Executive Officer
         The Education Resources Institute
         330 Stuart Street
         Boston, MA 02116
         Phone: 617-426-0681
         Fax: 617-422-8880
         E-Mail: parker@teri.org

         With a copy to:
         Richard A. Wiley, Esq.
         Hill & Barlow, A Professional Corporation
         One International Place
         Boston, MA 02110-2600
         Phone: 617 428-3000
         Fax: 617 428-3500
         E-Mail: rwiley@hillbarlow.com

                                       21
<Page>

         and a copy to:
         William S. Strong, Esq.
         Kotin, Crabtree & Strong, LLP
         One Bowdoin Square
         Boston, MA  02114
         Phone: 617-227-7031
         Fax: 617-367-2988
         E-Mail: wstrong@kcslegal.com

10.06    COUNTERPARTS.  This Agreement may be executed in any number of
counterparts, all of which shall constitute one agreement.

10.07    NO THIRD PARTIES BENEFITED. This Agreement is made and entered into for
the protection and legal benefit of the parties, and their permitted successors
and assigns, and no other person shall be a direct or indirect legal beneficiary
of, or have any direct or indirect cause of action or claim in connection with,
this Agreement.

10.08    WAIVER OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO TRIAL BY
JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF SUCH LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH SUCH PARTY UNDERSTANDS AND HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH SUCH PARTY MAKES THIS
WAIVER VOLUNTARILY, AND (IV) EACH SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS
AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

10.09    SEVERABILITY. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not
affect the validity or enforceability of the other provisions of this Agreement.
If any provision of this Agreement, or the application of that provision to any
person or any circumstance, is invalid or enforceable, (a) a suitable and
equitable provision shall be substituted for that provision in order to carry
out, so far as may be valid and enforceable, the intent and purpose of the
invalid or unenforceable provision, and (b) the remainder of this Agreement and
the application of the provision to other persons or circumstances shall not be
affected by such invalidity or unenforceability, nor shall such invalidity or
unenforceability affect the validity or enforceability of the provision, or the
application of that provision in any other jurisdiction.

                                       22
<Page>

10.10    COMPLETE AGREEMENT. This Agreement constitutes the entire agreement of
the parties with respect to arrangements for TERI to guarantee FMC Purchase
Programs and supersedes all prior discussions and agreements with respect to
such issue. This Agreement contemplates the execution and consummation of other
further agreements, which shall integrate with and affect this Agreement, to the
extent set forth therein.

10.11    INTERPRETATION. The table of contents and headings of this Agreement
are for convenience of reference only, do not constitute part of this Agreement,
and shall not be deemed to limit or otherwise affect any other provisions of
this Agreement. Where a reference in this Agreement is made to a section,
exhibit or annex, that reference shall be to a section of or exhibit or annex to
this Agreement, unless otherwise indicated. Neither party shall be deemed the
drafter of this Agreement or any of the exhibits hereto.

         IN WITNESS WHEREOF, the parties hereto have caused this instrument to
be executed by their duly authorized officers as of the date above first
written.

WITNESS:                            FIRST MARBLEHEAD CORPORATION

                                    By: /s/ Ralph James
-----------------------                ---------------------------
                                    Its: Chief Operating Officer
                                    Print Name: Ralph James

                                    THE EDUCATION RESOURCES
                                    INSTITUTE, INC.

                                    By: /s/ Richard B. Neeley
-----------------------                ---------------------------
                                    Its: Senior Vice President, Finance
                                    Print Name: Richard B. Neeley

                                       23
<Page>

                                TABLE OF EXHIBITS
                         MASTER LOAN GUARANTY AGREEMENT

NOTE:    First Marblehead Corporation is not a party to the following Exhibits
         C, D and/or G.. Pursuant to Item 601 of Regulation S-K, such exhibits
         are not being filed herewith.

         Exhibit A - Intentionally omitted.

         Exhibit B - Intentionally omitted.

         Exhibit C - Form of Guaranty Agreement with Bank of America

         Exhibit D - Form of Loan Origination Agreement with Bank of America.

         Exhibit E - Deposit and Security Agreement with Bank of America - filed
             herewith

         Exhibit F - Accession Agreement - filed herewith.

                                      Exhibit G - Generic Guaranty Agreement

                                       24

<Page>

                                    EXHIBIT E
                                       TO
                         MASTER LOAN GUARANTY AGREEMENT

                         DEPOSIT AND SECURITY AGREEMENT
                                    (GENERIC)

         This deposit and security agreement (this "Deposit and Security
Agreement") is made and entered into as of ____________, 2001, by and among THE
EDUCATION RESOURCES INSTITUTE, INC., a private non-profit corporation organized
under Chapter 180 of the Massachusetts General Laws with its principal place of
business at 330 Stuart Street, Suite 500, Boston, Massachusetts 02116 ("TERI"),
THE FIRST MARBLEHEAD CORPORATION, a corporation organized under the General
Corporation Law of the State of Delaware with its principal place of business at
30 Little Harbor, Marblehead, Massachusetts 09145 ("FMC") and [BANK NAME], a
[BANK TYPE] organized and existing under the laws of [BANK JURISDICTION] with a
place of business at 275 S. Valencia Avenue, Brea, California 92823, in its
capacity as lender and initial owner (in such capacity, "Lender") and [AGENT
NAME, BANK TYPE AND JURISDICTION] in its capacity as agent for the Owners (as
hereinafter defined) (in such capacity, "Agent").

                                       25
<Page>

         WHEREAS, FMC is organized to assist financing undergraduate, graduate
and professional educations, as well as private elementary and secondary
educations; and

         WHEREAS, FMC administers the [PRODUCT NAME] Loan programs whereby
parents and/or students may apply for loans to finance education costs; and

         WHEREAS, Lender is willing to make Loans to Borrowers under the
[PRODUCT NAME] Loan Programs upon certain terms and conditions, including but
not limited to the guaranty of the payment of principal and interest by TERI
pursuant to the terms of the Guaranty Agreement (hereafter defined) and the
deposit of certain monies with Agent, on behalf of Owners (hereafter defined),
as security for such payment as more fully described herein and in accordance
with the terms and conditions set forth in this Deposit and Security Agreement;
and

         WHEREAS, under the terms of the Guaranty Agreement, TERI guaranties the
payment of principal and interest on the Loans in exchange for the payment of
certain guarantee fees; and

         WHEREAS, pursuant to the Note Purchase Agreement of even date therewith
between Lender and FMC ("Note Purchase Agreement"), FMC has agreed to use its
best efforts to cause the purchase of Loans in a Securitization Transaction; and

         WHEREAS, it is the intention of Lender, Agent, TERI and FMC that this
Deposit and Security Agreement shall apply to each Loan that is subject to the
Guaranty Agreement.

         NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration, the parties agree as follows:

         1.    DEFINITIONS. Capitalized terms not otherwise defined in this
section, in the recitals hereto or elsewhere in this Deposit and Security
Agreement shall have the meanings ascribed to such terms in the Guaranty
Agreement. In addition:

         (a)   "Collateral" shall have the meaning set forth in Section 5.

         (b)   "Owner" means the owner from time to time of any Loan, including
               Lender to the extent that Lender is an owner of any Loan but
               excludes any Securitization Owner Trustee after the transfer of a
               portion of the Pledged Account described in Sections 4(b) and
               4(g).

         (c)   "Pool Cut Off Date" means a date established by FMC not more than
               sixty (60) days before the closing of a Securitization
               Transaction, as of which date FMC will determine all Loans
               eligible for purchase under the Note Purchase Agreement.

                                       26
<Page>

         (d)   "Guaranty Agreement" shall mean the Guaranty Agreement among
               Lender and TERI dated as of ____________, 2001, and any
               amendments or modifications thereto.

         (e)   "Guaranty Fees" shall mean, collectively, all of the fees payable
               to TERI and/or the Agent for the guarantee of a Loan as described
               in Section 3.3 of the Guaranty Agreement.

         (f)   "Recoveries" shall mean and include: (i) any and all cash,
               checks, drafts, orders and all other instruments for the payment
               of money received by TERI from or on behalf of Borrowers in
               payment of principal of, interest on, late fees with respect to,
               and costs of collecting defaulted Loans with respect to which
               TERI has paid Guaranty Claims, from funds in the Pledged Account,
               net of actual costs of collection retained by or payable to
               third-party collectors and attorneys, and the proceeds of all of
               the foregoing, (ii) (A) any amount received by TERI upon the sale
               or other transfer of defaulted Loans with respect to which TERI
               has paid Guaranty Claims (including the sale of such Loans to the
               prior Owner thereof as provided in Section 3.4 of the Guaranty
               Agreement or the sale of the right to collect such Loans or other
               similar rights with respect thereto), less (B) any costs actually
               incurred by TERI in connection with the release of such Loans
               from a collector, and (iii) in connection with any pledge or
               assignment of defaulted Loans (or rights with respect thereto) to
               secure a loan to TERI, (A) the amount of such loan, less (B) any
               costs actually incurred by TERI in connection with the release of
               such Loans from a collector. Lender, FMC and each Owner benefited
               hereby agree to entertain a proposal from TERI and to negotiate
               in good faith with respect to a specified percentage charge for
               such collection costs and release costs, based upon historical
               averages of such costs.

         (g)   "Secured Obligations" shall have the meaning set forth in
               Section 6.

         (h)   "Securitization Owner Trustee" means the owner trustee or other
               person who holds legal title to the assets of an SPE formed by
               The National Collegiate Trust or by FMC for the purpose of
               purchasing Loans pursuant to the Note Purchase Agreement.

         (i)   "Securitization Indenture Trustee" means the trustee or
               collateral agent who holds a security interest in assets of an
               SPE to secure debt obligations of the SPE incurred to finance the
               purchase of Loans.

         (j)   "Securitization Transaction" means a transaction in which an SPE
               purchases Loans pursuant to the Note Purchase Agreement and funds
               the cost of such purchase, in whole or in part, with debt
               obligations secured by the Loans.

                                       27
<Page>

         (k)   "TERI Guarantee Fee Entitlement" means a portion of Guaranty Fees
               equal to one and one-half percent (1.5%) of the principal amount
               of a Loan, payable in accordance with Section 3.3 of the Private
               Loan Guarantee Agreement.

         2.    CREATION AND FUNDING OF PLEDGED ACCOUNT. Upon the execution of
this Deposit and Security Agreement, TERI shall establish one or more new
investment accounts (individually and collectively, the "Pledged Account") with
Agent in the name of TERI for the purpose of receiving portions of the Guaranty
Fees, Recoveries and earnings as provided in this Section 2. Lender, TERI and
FMC agree that the Pledged Account shall be funded by TERI with a portion of the
Guaranty Fees, all Recoveries with respect to Loans on which TERI has paid
Guaranty Claims, and earnings on the Pledged Account, and shall be pledged to
Agent, on behalf of Owners from time to time of the Loans, all under the terms
of this Deposit and Security Agreement. TERI hereby irrevocably directs Lender
to deposit the following amounts into the Pledged Account:

         (a)   any and all Guaranty Fees payable by Lender with respect to a
               Loan under the Guaranty Agreement, other than amounts payable to
               TERI with respect to the TERI Guarantee Fee Entitlement;

         (b)   all Recoveries, which amounts shall be remitted by TERI to Agent
               by the 15th day of each month, for Recoveries received during the
               preceding month; and

         (c)   all earnings on the Pledged Account, which amounts shall be
               retained at all times by the Agent in the Pledged Account.

TERI hereby agrees to deposit into the Pledged Account, or to transfer to Lender
for deposit as described above, all Recoveries.

         3.    PLEDGED ACCOUNT INVESTMENT AND MAINTENANCE.

         (a)   TERI shall pay any Owner from the Pledged Account any amounts
               owed to such Owner by TERI under the Guaranty Agreement for
               Guaranty Claims. Lender and FMC understand and agree that TERI
               shall be required to pay Owners any such claim amounts out of
               TERI's general reserves and other assets only to the extent that
               and for so long as the Pledged Account is without sufficient
               funds or is otherwise unavailable to promptly pay Owners whatever
               amounts are then due and payable to Owners under the Guaranty
               Agreement. The Pledged Account shall be maintained under the
               following conditions:

               (i)     Funds shall be deposited only with institutions which are
                       federally insured;

               (ii)    Funds shall be invested only in strict accordance with
                       TERI's written investment policy ("Investment Policy"),
                       the most current copy of which is attached hereto as
                       Exhibit A. TERI shall not alter this Investment Policy
                       with respect to assets in the Pledged Account

                                       28
<Page>

                       without the prior express written consent of Agent, on
                       behalf of Owners, and of FMC, which consent shall not be
                       unreasonably withheld or delayed provided the alterations
                       requested by TERI do not provide for or permit
                       investments in accounts, instruments or other potential
                       investment vehicles less conservative in risk and/or as
                       to which the perfection of the first priority security
                       interest of Agent, on behalf of Owners, may be more
                       difficult than those investments permitted under TERI's
                       current Investment Policy;

               (iii)   The Agent may refuse to invest in any instrument, account
                       or other financial or other arrangement (including,
                       without limitation, repurchase agreements) if the same
                       would not be subject to the first priority security
                       interest of Agent, on behalf of Owners, in such funds or
                       other such instrument as so invested;

               (iv)    The Pledged Account shall be funded as set forth in this
                       Deposit and Security Agreement. TERI shall not deposit,
                       nor permit any other entity to deposit, any funds from
                       any other source, and shall particularly exclude from the
                       Pledged Account, the deposit or commingling of any funds
                       or assets from the general reserves, operating capital or
                       other corporate assets of TERI, except to the extent such
                       amounts constitute Recoveries;

               (v)     The Agent shall, in a timely manner, sell, exchange,
                       invest, and otherwise deal with the property in the
                       Pledged Account as TERI shall direct in writing to the
                       Agent. In the event TERI shall fail to deliver to Agent
                       any investment instruction for money held in the Pledged
                       Account, Agent shall invest the same in the [DESIGNATE
                       MONEY MARKET FUND]. Unless TERI otherwise directs, Agent
                       shall choose the broker through which any trade shall be
                       made, including any broker affiliated with Agent. If TERI
                       directs Agent to use a specific broker, Agent shall have
                       no responsibility for its execution. Agent shall not be
                       responsible to obtain the "best price" for securities
                       bought or sold, but shall use the same trading practices
                       and principles as customarily used for its own
                       securities;

               (vi)    Notwithstanding the foregoing, while there is a default
                       by TERI under Section 8 hereof continuing, of which Agent
                       has notice, Agent, and not TERI, shall direct
                       investments; and

               (vii)   The Agent shall: in a timely manner (a) follow and use
                       customary and normal collection efforts to collect all
                       income and principal payments on the funds in the Pledged
                       Account; (b) perform the necessary clerical and
                       bookkeeping services relative to the funds in the Pledged
                       Account; and (c) advise TERI of all maturities,
                       redemptions, exchanges, tenders, and shareholder rights
                       and options.

                                       29
<Page>

         (b)   TERI hereby authorizes Lender and/or Agent to make whatever
               deposits, withdrawals and transfers may be necessary to effect
               the purposes hereof. The funds in the Pledged Account shall be
               subject to the terms and conditions contained in this Deposit and
               Security Agreement.

         (c)   No interest, dividends, distributions or other earnings of
               whatever nature which are paid and derived from the Pledged
               Account (collectively, "Earnings") shall be withdrawn or paid to
               TERI or any other person or entity unless pursuant to the
               provision of subsection (d). All Earnings shall be fully,
               immediately and completely reinvested in the Pledged Account. Any
               other provisions of this Deposit and Security Agreement to the
               contrary (either expressly or by implication) notwithstanding,
               all Earnings shall be credited to and deemed income of TERI and
               not Owners or Agent, and shall be so treated by TERI.

         (d)   Withdrawals and disbursements from the Pledged Account shall be
               made only in accordance with the following provisions:

               (i)     Any Owner shall receive from the Pledged Account the full
                       amount of any valid Guaranty Claims made under the
                       Guaranty Agreement for defaulted Loans, such claims to be
                       processed and paid by TERI in accordance with the terms
                       of the Guaranty Agreement;

               (ii)    [Intentionally omitted];

               (iii)   Upon the sale of Loans to a Securitization Owner Trustee
                       pursuant to Section 4 hereof, the amount provided in
                       subsections 4(b) and 4(g) shall be transferred to the
                       Securitization Indenture Trustee;

               (iv)    In the event TERI's income should become subject to
                       federal income taxation or the income from the Pledged
                       Account should become subject to excise tax under Section
                       4940 of the Internal Revenue Code, TERI shall be entitled
                       to the release from the Pledged Account of amounts equal
                       to the taxes actually paid with respect to the income on
                       the Pledged Account. TERI shall provide Agent and FMC
                       with a written request for any such withdrawal, which
                       request shall be accompanied by clear supporting
                       documentation. Agent shall respond to TERI's withdrawal
                       request within fifteen (15) days after Agent's receipt of
                       any such request and shall, with the consent of the
                       Owners, (A) promptly permit TERI to withdraw the
                       requested funds from the Pledged Account, (B) provide
                       written notice to TERI of whatever additional
                       documentation or information Agent, any Owner or FMC may
                       reasonably require before agreeing to the withdrawal
                       request, or (C) deny the request and provide TERI with a
                       written statement of the reasons for denial, which denial
                       must be reasonably based on the

                                       30
<Page>

                       requirements set forth in this Section 3(d). Upon TERI's
                       submission to Agent of such additional required
                       documentation or information, Agent shall promptly, with
                       the consent of the Owners, (X) permit TERI to withdraw
                       such funds from the Pledged Account, or (Y) deny the
                       request and provide TERI with a written statement of the
                       reasons for denial, which denial must be reasonably based
                       on the requirements set forth in this Section 3(d);

               (v)     Any Owner shall receive from the Pledged Account the full
                       amount of any refunded Guaranty Fees due and owing to
                       such Owner for cancelled Loans pursuant to Section 2.16
                       of the Guaranty Agreement, such amounts to be paid by the
                       15th day of each month for Loan cancellations the
                       supporting documentation for which has been received by
                       Agent during the preceding month.

         (e)   The Agent shall not be liable for the depreciation in value of
               any property held hereunder due to its compliance with TERI's
               written direction on the Investment Policy.

         (f)   The Agent shall take delivery of such money or other property as
               delivered to it by TERI, or others, and shall retain custody of
               the same in the Pledged Account. The Agent may take title to the
               property comprising the Pledged Account in one or more nominees,
               but Agent shall be responsible for the acts of such nominees. The
               parties hereto acknowledge that property may be held through any
               central securities depository, clearing agency or any federal
               reserve bank, and the Agent shall not be responsible for their
               actions or failures to act.

         4.    PROCEDURE IN A SECURITIZATION TRANSACTION.

         (a)   FMC contemplates arranging one or more Securitization
               Transactions per year, at the closing of which all Seasoned Loans
               (as defined in the Note Purchase Agreement) outstanding on the
               Pool Cut Off Date will be purchased. The parties anticipate that
               each such purchase will include the sale of some, but not all
               Loans with respect to which funds were held in the Pledged
               Account in the Pool Cut Off Date. In order to facilitate a
               Securitization Transaction closing, the parties have agreed to
               the procedure set forth in this section.

         (b)   TERI agrees to enter into an agreement substantially identical to
               this Deposit and Security Agreement with the Securitization
               Indenture Trustee as agent for the purchaser of the Loans and its
               pledgees, pursuant to which that portion of the Pledged Account
               which is applicable to the Loans being securitized (the
               "Transferred Pledged Account") will be transferred to such new
               agent and this

                                       31
<Page>

               Deposit and Security Agreement will cease to apply to the assets
               so transferred.

               The amounts and rights so transferred are further defined in
               Section 4(g), below.

         (c)   Notwithstanding a closing of a Securitization Transaction, Agent
               shall continue to serve as Agent with respect to any funds and
               Collateral remaining in the Pledged Account and this Agreement
               shall remain in full force and effect with respect to such
               Pledged Account and Collateral.

         (d)   Lender, Agent and TERI may rely upon any reports, calculations or
               other data provided by FMC with respect to Seasoned Loans,
               balances in the Pledged Account as of the Pool Cut Off Date,
               earnings in the Pledged Account to be transferred in the
               Securitization Transaction, and any other information necessary
               for a Securitization Transaction closing, absent manifest error.

         (e)   At a Securitization Transaction closing, Lender shall pay (or
               cause to be paid) into the Transferred Pledged Account (after the
               same is transferred to and held by the Securitization Indenture
               Trustee), the full amount of any Subsequent Guarantee Fees not
               yet paid with respect to the Loans being purchased in such
               Securitization Transaction.

         (f)   FMC, TERI, the Securitization Owner Trustee and the
               Securitization Indenture Trustee may, but need not, agree at the
               conclusion of the closing of a Securitization Transaction, to
               transfer the Transferred Pledged Account and the Collateral to
               other collateral accounts held under the security agreements
               created in the Securitization Transaction.

         (g)   For purposes of determining the rights transferred to the
               Securitization Indenture Trustee, the portion of the Pledged
               Account and Collateral to be transferred shall include:

               (i)     cash balances and investments held by the Agent equal to
                       the sum of:

                       A.     Guaranty Fees paid into the Pledged Account with
                              respect to Loans being purchased in the
                              Securitization Transaction, plus

                       B.     A sum representing accrued earnings on such
                              Guaranty Fees then held in the Pledged Account,
                              computed by multiplying the amount under (A),
                              above, times (x) the weighted average monthly rate
                              of return on the funds in the Pledged Account for
                              each month when any such Guaranty Fee was held in
                              the Pledged Account, times (y) the dollar-weighted
                              average number of months that the Guaranty Fees in
                              question were held in the Pledged Account
                              (provided, however, that such sum

                                       32
<Page>

                              shall in no event exceed cash balance in the
                              Pledged Account after deducting sums under
                              subsection (i)(A), above);

               (ii)    all Recoveries with respect to Loans that

                              (A) have been purchased by TERI on account of
                              default after the date of the Pool Cut Off Date
                              for the most recent preceding Securitization
                              Transaction;

                              (B) have never been included in a Securitization
                              Transaction; and

                              (C) would have been Seasoned Loans under the Note
                              Purchase Agreement as of the Pool Cut Off Date,
                              but for the default and purchase by TERI. FMC
                              shall designate all such Loans, Recoveries with
                              respect to which are part of the Collateral
                              transferred in any Securitization Transaction.
                              Such designation shall be binding upon Lender,
                              Agent and TERI absent manifest error.

               (iii)   All rights to receive Subsequent Guarantee Fees with
                       respect to the Loans transferred.

         (h)   The agreement between the Securitization Indenture Trustee and
               TERI shall provide that, if the balance of principal of Loans
               held by or pledged to the Securitization Indenture Trustee is
               less than 100% of the balance in the Pledged Account held by the
               Securitization Indenture Trustee (or such lesser percentage as
               FMC, as structuring advisor, shall recommend for inclusion in the
               terms of the Agreement), the Securitization Indenture Trustee
               shall, if no default exists hereunder, quarterly pay to TERI the
               amount of such excess. The Securitization Indenture Trustee may
               rely wholly upon FMC to compute and determine the amount of such
               excess.

         5.    SECURITY INTEREST. TERI hereby pledges, assigns, and sets over to
Agent, on behalf of Owners from time to time, as security for payment by TERI of
the Secured Obligations (as hereinafter defined), all of TERI's right, title,
and interest in and to (i) the Pledged Account and (ii) TERI's right to receive
Guaranty Fees and Recoveries. The foregoing shall not be deemed to grant a
security interest in defaulted Loans. In furtherance thereof, TERI hereby grants
to Agent a first priority security interest in all of TERI's right, title, and
interest in and to:

         (a)   all personal property comprising and/or contained in the Pledged
               Account, as provided in this Deposit and Security Agreement, both
               tangible and intangible, whether now owned or hereafter acquired
               by TERI and wheresoever located, including without limitation:

                                       33
<Page>

               (i)     all contract rights, claims, instruments, notes and
                       accounts, whether now existing or hereafter arising,
                       including, without limitation, all of the same evidencing
                       or representing indebtedness due or to become due to TERI
                       (all hereinafter called the "Accounts");

               (ii)    all funds and investments thereof, whether in the form of
                       certificates of deposit, repurchase agreements, U.S.
                       Treasury Bills, U.S. Treasury Notes, investment grade
                       commercial paper, U.S. Treasury Bonds, Federal agency
                       notes or other investments, securities (whether
                       certificated or uncertificated and specifically including
                       any securities which are purchased through and for which
                       records are maintained on a book entry system through any
                       financial intermediary (as defined in Section 8-313 of
                       the Uniform Commercial Code)), payment intangibles and
                       general intangibles, whether now existing or hereafter
                       arising and wheresoever located, or otherwise (all
                       hereinafter called the "Intangibles");

               (iii)   all right, title, and interest of TERI in or to all
                       instruments and documents covering or relating to the
                       above described property, including but not limited to,
                       all books, records, computer printouts, tapes, disks,
                       ledger sheets, files and other data (all such instruments
                       and documents being called the "Related Documents");

               (iv)    all interest, dividends, and/or other earnings of any
                       kind which are paid with respect to or derived from the
                       Pledged Account, and all proceeds of any of the
                       foregoing, and the present and continuing right to make
                       claim for, collect, receive and receipt for, any and all
                       such interest, dividends, and/or other earnings; and

               (v)     all the proceeds of all of the foregoing;

         (b)   all contract and other rights of TERI to receive payment of
               Guaranty Fees, including TERI's rights to Initial Guarantee Fees,
               from Lender under Section 3.3 of the Guaranty Agreement; TERI's
               rights to receive Supplemental Guarantee Fees from Lender or an
               Owner pursuant to such Section, and any separate undertaking or
               agreement by an Owner to pay such Supplemental Guarantee Fees;

         (c)   all Recoveries and all rights of TERI to receive or collect
               Recoveries; and

         (d)   all proceeds of the foregoing.

All of the foregoing property in which Agent has been granted a security
interest is hereinafter collectively referred to as "Collateral". It is
expressly understood and agreed that this security interest and assignment shall
automatically attach to any and all future deposits

                                       34
<Page>

to, earnings from, and proceeds of the Pledged Account immediately upon deposit
or accrual, and all Guaranty Fees and Recoveries immediately upon the receipt
thereof, without the making or doing of any further act or thing whatsoever.
TERI shall promptly take all further action, and execute and deliver to Agent
such other documents, as may be requested from time to time by Agent to create,
evidence, maintain and effect Agent's security interest in the Pledged Account
and the other rights pledged hereunder.

         This security interest shall be assigned to the extent set forth in
Section 4 of this Agreement in connection with a Securitization Transaction.

         6.    OBLIGATIONS SECURED. The security interest of Agent under this
Deposit and Security Agreement secures (a) the payment and performance of all
indebtedness, obligations, and liabilities of TERI arising at any time, now or
in the future, pursuant to the Guaranty Agreement; (b) performance by TERI of
the agreements set forth in this Deposit and Security Agreement; (c) all
payments made or expenses incurred by Agent, any Owner or FMC, including,
without limitation, reasonable attorney's fees and legal expenses, in the
exercise, preservation or enforcement of any of the rights, powers or remedies
of Agent, any such Owner or FMC, or in the enforcement of the obligations of
TERI, under this Deposit and Security Agreement or the Guaranty Agreement
(whether or not paid or incurred in the context of a state or federal
bankruptcy, insolvency, or reorganization proceeding); and (d) any renewals,
continuations or extensions of any of the foregoing (all of which are
collectively referred to as the "Secured Obligations"). From and after any given
Securitization Transaction closing, the Secured Obligations shall be limited to
those relating to Loans not yet purchased in any Securitization Transaction.

         7.    WITHDRAWAL. TERI shall not (except as provided in Sections 3(d)
and (4) withdraw any funds from or further assign, pledge, or hypothecate the
Pledged Account or any portion of the Pledged Account to any individual, person,
entity or other third party without the express prior written consent of Agent,
on behalf of Owners, and FMC in their sole discretion. Any withdrawals by TERI
shall be by wire transfer unless TERI requests, in writing, another reasonable
form of payment.

         8.    DEFAULT. TERI shall be in default of this Deposit and Security
Agreement if TERI fails to remit to Lender, in accordance with the terms and
provisions of the Guaranty Agreement, the principal balance (including
capitalized fees and interest) and accrued interest and late fees on any Loan as
to which a Guarantee Event (as defined in the Guaranty Agreement) has occurred
and as to which the conditions set forth in the Guaranty Agreement to payment of
a Guaranty Claim have been satisfied. Either TERI, Agent or Lender shall be in
default of this Deposit and Security Agreement if (a) any representation,
warranty, or statement made by such party in or pursuant to this Deposit and
Security Agreement or the Guaranty Agreement is found to be false or erroneous
in any material respect, or (b) such party shall fail or omit to perform or
observe any covenant or agreement made by it in this Deposit and Security
Agreement or the Guaranty Agreement.

         9.    REMEDIES UPON DEFAULT. Agent shall, to whatever extent is
reasonably necessary to cure any default under this Deposit and Security
Agreement, have all of the

                                       35
<Page>

rights and remedies of a secured party under the Massachusetts Uniform
Commercial Code (as the same may be amended from time to time), as well as all
rights and remedies provided by any other applicable law, at law, or in equity.
Without limiting the generality of the foregoing, Agent shall also have the
right, during the term of this Deposit and Security Agreement, to do any or all
of the following upon a default and until any such default is cured:

         (a)   ACCELERATION. Without any notice or demand, Agent may declare any
               or all Secured Obligations then in default to be immediately due
               and payable.

         (b)   POSSESSION. Without notice, demand, or hearing, any right to
               which is hereby waived by TERI, Agent shall have full power and
               authority to hold, sequester, set-off or withdraw any and all
               funds from the Pledged Account and to, in Agent's sole
               discretion, subject to its duty to the Owners, (i) apply the
               proceeds to any Loan as to which a Guarantee Event has occurred
               and TERI has failed to remit to the related Owner thereof the
               principal balance (including capitalized fees and interest) and
               accrued interest and late fees thereon in accordance with the
               terms and conditions of the Guaranty Agreement and (ii) hold the
               funds in the Pledged Account without making any disbursements of
               any kind to TERI as otherwise provided in this Deposit and
               Security Agreement, and to apply the funds to any Loan if and
               when a Guarantee Event occurs and TERI fails to promptly remit to
               the related Owner the unpaid principal balance (including
               capitalized fees and interest) and accrued interest and late fees
               thereon in accordance with the conditions of the Guaranty
               Agreement.

         (c)   ASSEMBLING COLLATERAL. Agent may require TERI to assemble the
               Collateral and to make it available to Agent at any convenient
               place designated by Agent.

         (d)   OPERATION. Agent may take such measures as Agent may deem
               necessary or proper for the protection and preservation of the
               Collateral or for the most advantageous beneficial exercise of
               its remedies hereunder.

         (e)   COLLECTION OF ACCOUNTS.

               (i)     TERI hereby constitutes and appoints Agent its true and
                       lawful attorney (which appointment is coupled with an
                       interest), with full power of substitution, either in
                       Agent's own name or in the name of TERI, to ask for,
                       demand, sue for, collect, receive, receipt and give
                       acquittance for, any and all moneys due or to become due
                       to TERI with respect to defaulted Loans or otherwise
                       under or by virtue of any Account; to endorse checks,
                       drafts, orders, and other instruments for the payment of
                       money payable to TERI on account thereof, to settle,
                       compromise, prosecute, or defend any action, claim, or
                       proceeding

                                       36
<Page>

                       with respect thereto; and to sell, assign, pledge,
                       transfer, and make any agreement respecting, of otherwise
                       deal with, the same.

               (ii)    TERI agrees that all Recoveries shall be the property of
                       Agent, on behalf of Owners, to whatever extent may be
                       necessary to facilitate full and complete payment to
                       Owners of all amounts owed it under the Guaranty
                       Agreement. All such Recoveries received by TERI shall be
                       deposited (properly endorsed for collection where
                       required), not later than the next Business Day, in the
                       Pledged Account, for the payment of all of the Secured
                       Obligations then in default, TERI agrees not to commingle
                       any such collections or proceeds with any of its other
                       funds or property and agrees to hold the same upon an
                       express trust for Agent, on behalf of the Owners, until
                       deposited in the Pledged Account, as aforesaid.

               (iii)   Agent agrees to provide notice to TERI of Agent's
                       exercise of any of its rights under this Section 9(e).

         (f)   TRANSFER OF INTANGIBLES. Agent shall have the right to take
               possession of any agreement or other document evidencing any of
               the Intangibles, and may apply for or seek, on behalf of and as
               attorney-in-fact for TERI, any necessary consent to the
               assignment, transfer, conveyance, sale, renewal, reissuance or
               other disposition of the same, and TERI shall cooperate fully
               with Agent in doing so and shall take all actions reasonably
               requested by Agent in furtherance thereof. TERI hereby
               constitutes and appoints Agent its true and lawful attorney
               (which appointment is coupled with an interest) with full power
               of substitution, either in Agent's own name or in the name of
               TERI, to assign, transfer and convey, subject to all requirements
               of law, any and all of TERI's rights in and to any of the
               Intangibles.

         (g)   DISPOSITION. Agent may assign, transfer, convey, or otherwise
               dispose of any or all of the Collateral, as Agent in its
               discretion may determine, by public or private sale subject to
               TERI's rights to retain copies of the Related Documents now or in
               the future in TERI's possession; and Agent shall use its best
               efforts to obtain full value for any such Collateral, based upon
               then existing recognized markets for such Collateral. Agent shall
               provide TERI with reasonable written notice of the time and place
               of any such sale.

         (h)   PROCEEDS. All proceeds from the sale or other disposition of
               Collateral by Agent under this Deposit and Security Agreement,
               all other moneys received by Agent pursuant to the terms of this
               Deposit and Security Agreement shall be applied as follows:

               (i)     First, to the payment of all expenses incurred by Agent
                       in connection with this Deposit and Security Agreement or
                       the exercise of any right or remedy hereunder, or any
                       sale or disposition, including, but not

                                       37
<Page>

                       limited to the expenses of taking, advertising,
                       processing, preparing and storing the Collateral to be
                       sold, all court costs and Agent's reasonable legal fees
                       in connection therewith;

               (ii)    Second, to the payment of valid Guaranty Claims in
                       accordance with the terms thereof in the order in which a
                       complete claim (including all required documentation) is
                       received, treating all claims received the same day as
                       received at the same time (if there are not sufficient
                       funds in the Pledged Account to pay all claims payable
                       therefrom received on a given day, all such claims shall
                       be paid in part, pro rata, from the Pledged Account), and

               (iii)   Third, any remainder to be held pursuant to the terms of
                       this Deposit and Security Agreement as continuing
                       security for TERI's payment of the remaining Secured
                       Obligations.

               Agent shall apply any such proceeds, monies, or balances in
               accordance with this Deposit and Security Agreement promptly upon
               its receipt of the same. In respect of any application pursuant
               to clause (ii) above, such proceeds, monies, or balances shall be
               applied by Agent to discharge in whole or in part any unpaid
               Secured Obligation, notwithstanding any manifestation of an
               intent to the contrary expressed in writing or otherwise by TERI
               at any time. Upon any sale of Collateral by Agent (whether
               pursuant to a power of sale granted by a statute or under a
               judicial proceeding), the receipt of Agent or of the officer
               making the sale shall be a sufficient discharge to the purchaser
               or purchasers of the Collateral so sold and such purchaser or
               purchasers shall not be obligated to see to the application of
               any part of the purchase money paid over to Agent or such
               officer, or be answerable in any way for the misapplication
               thereof. Notwithstanding the sale or other disposition of any
               Collateral by Agent hereunder, TERI shall remain liable for any
               deficiency. Any Loan with respect to which Agent makes payment in
               full to Owner hereunder will forthwith be transferred to TERI on
               the terms and conditions set forth in the Guaranty Agreement.

         10.   REMEDIES CUMULATIVE. All rights, remedies, or powers conferred
upon Agent herein or by law shall be cumulative and concurrent at the option of
Agent, and Agent may, to whatever extent is reasonably necessary to cure any
default, foreclose or exercise the power of sale or any other remedy available
to it successively upon any default or upon successive defaults hereunder
without the necessity of declaring all sums secured hereby to be due and
payable. Upon any such occasion, Lender shall be authorized to sell or dispose
of all or any such part of the Collateral as provided in this Deposit and
Security Agreement and as permitted by law. The remaining Collateral shall
continue as security for any other sums remaining due after such sale, lease, or
disposition or thereafter to become due or payable on any of the Secured
Obligations.

         11.   AGENT.

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<Page>

         (a)   APPOINTMENT OF AGENT. Subject in all respects to the terms and
               provisions of this Deposit and Security Agreement, Lender, as
               sole initial Owner, hereby appoints Agent to act as agent for the
               benefit of Owners with respect to the Pledged Account and liens
               upon and the security interests in the Collateral, the rights and
               remedies granted and the receipt and disbursement of funds under
               and pursuant to this Deposit and Security Agreement, and Agent
               hereby accepts such appointment and agrees to act as such agent.
               To the extent legally necessary to enable Agent to enforce or
               otherwise foreclose and realize upon any of the liens or security
               interests in the Collateral in any legal proceeding which Agent
               either commences or joins as a party in accordance with the terms
               hereof, FMC and each Owner from time to time agree to join as a
               party in such proceeding and take such action therein
               concurrently to enforce and obtain a judgment for the payment of
               their respective portion of the Secured Obligations.

         (b)   DUTIES OF AGENT. Each Owner hereby irrevocably authorizes Agent
               to receive and disburse funds in accordance with the provisions
               of this Deposit and Security Agreement and, subject to Agent
               having been directed to take such action in accordance with the
               terms of this Deposit and Security Agreement, to take such action
               on its behalf under the provisions of any other instruments,
               documents and agreements referred to therein and to exercise such
               powers thereunder as are specifically delegated to Agent by the
               terms thereof and such other powers as are reasonably incidental
               thereto. Agent is hereby irrevocably authorized to take all
               actions on behalf of Owners to enforce the rights and remedies of
               the Agent and Owners provided for herein or by applicable law
               with respect to the liens upon and security interests in the
               Collateral granted to secure the Secured Obligations; provided,
               however, that, except as otherwise specified herein, (i) Agent
               shall act solely at and in accordance with the written direction
               of Owners and (ii) Agent shall not, without the written consent
               of all Owners, release or terminate by affirmative action or
               consent any lien upon or security interest in any Collateral
               granted under this Deposit and Security Agreement. Agent agrees
               to make such demands and give such notices under this Deposit and
               Security Agreement as may be requested by, and to take such
               action to enforce this Deposit and Security Agreement and to
               foreclose upon, collect and dispose of the Collateral or any
               portion thereof as may be directed by, Owners, PROVIDED, HOWEVER,
               that Agent shall not be required to take any action that is
               contrary to law or the terms of this Deposit and Security
               Agreement. Once a direction to take any action has been given by
               Owners to Agent, and subject to any other directions which may be
               given from time to time by Owners, decisions regarding the manner
               in which any such action is to be implemented and conducted (with
               the exception of any decision to settle, compromise or dismiss
               any legal proceeding, with or without prejudice) shall be made by
               Agent, with the assistance and upon the advice of its counsel.
               Notwithstanding the provisions of the preceding sentence, any and
               all

                                       39
<Page>

               decisions to settle, compromise or dismiss any legal proceeding,
               with or without prejudice, which implements, approves, or results
               in or has the effect of causing any release, change or
               occurrence, where such release, change or occurrence otherwise
               would require unanimous approval of all Owners pursuant to the
               terms of this Deposit and Security Agreement, also shall require
               the unanimous approval of all Owners.

         (c)   REQUESTING INSTRUCTIONS. Agent may at any time request directions
               from Owners as to any course of action or other matter relating
               to the performance of its duties under this Deposit and Security
               Agreement and Owners shall respond to such request in a
               reasonably prompt manner.

         (d)   EMERGENCY ACTIONS. If Agent has asked Owners for instructions
               following the receipt of any notice of a default under Section 8
               hereof or under the Guaranty Agreement and if the Owners have not
               responded to such request within 30 days, Agent shall be
               authorized to take such actions with regard to such default which
               Agent, in good faith, believes to be reasonably required to
               protect the Collateral from damage or destruction; PROVIDED,
               HOWEVER, that once instructions have been received from Owners,
               the actions of Agent shall be governed thereby and the Agent
               shall not take any further action which would be contrary
               thereto.

         (e)   AMENDMENTS. An amendment, supplement, modification, restatement
               or waiver of any provision of this Deposit and Security Agreement
               or any document necessary to consummate the transactions
               contemplated hereby, any consent to any departure by any party
               therefrom, or the execution or acceptance by Agent of any
               document related thereto not in effect on the date hereof shall
               be effective if, and only if, consented to in writing by the
               Owners; provided, however, that (i) no amendment, supplement,
               modification, restatement, waiver, consent or such document not
               in effect on the date hereof which imposes any additional
               responsibilities upon Agent shall be effective without the
               written consent of Agent, and (ii) except as otherwise provided
               herein, no amendment, supplement, modification, waiver or consent
               shall release any Collateral from the lien or security interest
               created by this Deposit and Security Agreement or narrow the
               scope of the property or assets in which a lien or security
               interest is granted pursuant thereto without the written consent
               of all Owners. -

         (f)   ADMINISTRATIVE ACTIONS. Agent shall have the right to take such
               actions hereunder and under any document necessary to consummate
               the transactions contemplated hereby, not inconsistent with the
               instructions of Owners or the terms of this Deposit and Security
               Agreement, as Agent deems necessary or appropriate to perfect or
               continue the perfection of the liens on the Collateral for the
               benefit of Owners.

                                       40
<Page>

         (g)   AGENT ACTING THROUGH OTHERS. Agent may perform any of its duties
               under this Deposit and Security Agreement and any document
               necessary to consummate the transactions contemplated hereby or
               through attorneys (which attorneys may be the same attorneys who
               represent Lender or any Owner), agents or other persons
               reasonably deemed appropriate by Agent. In addition, Agent may
               act in good faith reliance upon the opinion or advice of
               attorneys selected by Agent. In all cases Agent may pay customary
               and reasonable compensation to all such attorneys, agents or
               other persons as may be employed in connection with the
               performance of its duties under this Deposit and Security
               Agreement and any document necessary to consummate the
               transactions contemplated hereby.

         (h)   RESIGNATION AND REMOVAL OF AGENT.

               (i)     Agent (A) may resign at any time upon notice to Owners,
                       TERI and FMC, and (B) may be removed at any time upon the
                       written request of the Owners sent to Agent and TERI. In
                       addition, if FMC shall give notice of a Complete
                       Securitization Transaction in which all Loans then-owned
                       by Lender shall be purchased, Agent shall resign upon
                       consummation of such Securitization Transaction.

               (ii)    If Agent shall resign or be removed, the Owners shall
                       have the right to select a replacement Agent by notice to
                       Agent and TERI. In a Complete Securitization Transaction,
                       the Securitization Indenture Trustee shall become the
                       replacement Agent.

               (iii)   Upon selection of any replacement of Agent, Agent shall
                       assign all of the liens upon and security interests in
                       all Collateral and all right, title and interest of the
                       Agent under this Deposit and Security Agreement and any
                       document necessary to consummate the transactions
                       contemplated hereby, to the replacement Agent, without
                       recourse to Agent or any Owner.

               (iv)    No resignation or removal of Agent shall become effective
                       until a replacement Agent shall have been selected as
                       provided herein and shall have assumed in writing the
                       obligations of Agent hereunder and under any document
                       necessary to consummate the transactions contemplated
                       hereby. In the event that a replacement Agent shall not
                       have been selected as provided herein or shall not have
                       assumed such obligations within 90 days after the
                       resignation or removal of Agent, then Agent may apply to
                       a court of competent jurisdiction for the appointment of
                       a replacement Agent.

               (v)     Any replacement Agent shall be a bank, trust company, or
                       insurance company having capital, surplus and undivided
                       profits of at least $100

                                       41
<Page>

                       million; PROVIDED, HOWEVER, that any Securitization
                       Indenture Trustee may become an Agent as provided in
                       Section 4.

         (i)   LIABILITY OF AGENT. In absence of gross negligence, willful
               misconduct or a breach of this Deposit and Security Agreement,
               Agent will not be liable to Owners, TERI or FMC for any action or
               failure to act or any error of judgment, negligence, mistake or
               oversight on its part or on the part of any of its officers,
               directors, employees or agents.

         (j)   NO RELIANCE ON AGENT. Neither Agent nor any of its officers,
               directors, employees or agents (including, but not limited to,
               any attorneys acting at the direction or on behalf of Agent)
               shall be deemed to have made any representations or warranties,
               express or implied, with respect to, nor shall Agent or any such
               officer, director, employee or agent be liable to TERI, FMC or
               any Owner or responsible for (i) any warranties or recitals made
               by any party in this Deposit and Security Agreement, certificate,
               instrument or document executed by any party in connection
               therewith, (ii) the due or proper execution or authorization of
               this Deposit and Security Agreement by any party other than
               Agent, or the effectiveness, enforceability, validity,
               genuineness or collectibility as against any party of this
               Deposit and Security Agreement, certificate, instrument or
               document executed by any of the parties in connection therewith,
               (iii) the present or future solvency or financial worth of any
               party, or (iv) the value, condition, existence or ownership of
               any of the Collateral or the perfection of any lien upon or
               security interest in the Collateral whether now or hereafter held
               or granted) or the sufficiency of any action, filing, notice or
               other procedure taken or to be taken to perfect, attach or vest
               any lien or security interest in the Collateral. Except as may be
               required by Section 11(b) hereof, Agent shall not be required,
               either initially or on a continuing basis, to (A) make any
               inquiry, investigation, evaluation or appraisal respecting, or
               enforce performance by any party of, any of the covenants
               contained in this Deposit and Security Agreement or obligations
               of any party under any certificate, instrument or document
               executed by any of the parties in connection therewith, or (B)
               undertake any other actions (other than actions expressly
               required to be taken by it under this Deposit and Security
               Agreement). Nothing in this Deposit and Security Agreement or any
               certificate, instrument or document executed by any of the
               parties in connection therewith, expressed or implied, is
               intended to or shall be so construed as to impose upon Agent any
               obligations, duties or responsibilities except as set forth in
               this Deposit and Security Agreement and therein. Agent shall be
               protected in acting upon any notice, request, consent,
               certificate, order, affidavit, letter, telegram, telecopy or
               other paper or document given to it by any person reasonably and
               in good faith believed by it to be genuine and correct and to
               have been signed or sent by such person. Agent shall have no duty
               to inquire as to the performance or observance of any of the
               terms, covenants or conditions of this Deposit and Security
               Agreement. Except upon the direction of Owners pursuant to
               Section 11(b) of this Deposit and Security

                                       42
<Page>

               Agreement, Agent will not be required to inspect the properties
               or books and records of any party for any purpose, including to
               determine compliance by the parties with their respective
               covenants respecting the perfection of security interests.

         (k)   LIMITED AGENCY. Agent, TERI, FMC and Owners agree that it is the
               intent of the FMC and Owners to limit the scope of the powers of
               Agent to the specific powers delegated hereunder, together with
               such powers as are reasonably incidental thereto, and Agent does
               not and shall not have any other right or authority to bind the
               FMC or any Owner or TERI in any other manner or thing whatsoever.

         (1)   COMPENSATION. Agent shall be entitled to receive compensation in
               accordance with the fee schedule attached hereto as EXHIBIT B and
               shall be reimbursed for ordinary and necessary expenses,
               including legal fees. Such fees and expenses shall be charged to
               income on or, if insufficient, to principal of, the Pledged
               Account. Agent agrees to look solely to the Collateral for its
               compensation and expenses hereunder and neither FMC nor any Owner
               shall be responsible for the payment thereof, nor shall TERI have
               liability hereunder beyond the Collateral except as expressly
               provided herein.

         (m)   MONTHLY REPORTS. Agent shall promptly provide TERI, FMC, Lender
               and any other Owners with a monthly summary of all investment
               activity with respect to the Pledged Account, all earnings or
               losses thereon, itemized accounts of disbursements made
               hereunder, and all expenses and fees reimbursed or paid to Agent,
               and a valuation of the Collateral as of end of the month.

         (n)   NO DUTY TO INQUIRE. The Agent may rely and act upon any written
               direction delivered to it as provided herein, if purported to
               have been signed by TERI, FMC or an Owner, as appropriate. The
               Agent shall not be required to take notice, and shall not be
               deemed to have notice, of any fact or occurrence, unless the
               Agent has actual knowledge thereof. The Agent shall have no
               obligation to determine the correctness or truth of any statement
               set forth in any certificate delivered to the Agent hereunder.

         (o)   FUNDS ADVANCED. Agent shall have no obligation to advance funds
               to purchase investments on behalf of the Pledged Account or TERI.
               If Agent does in fact advance funds, Agent shall notify TERI. If
               TERI fails to immediately reimburse Agent for such advance plus
               interest at Agent's Prime Rate from the date of advance, Agent
               shall sell or otherwise liquidate such investments in the Pledged
               Account to reimburse itself in full for same. "Prime Rate" means
               the fluctuating rate of interest which is publicly announced from
               time to time by Agent as its principal place of business as being
               its "prime rate" or "base rate" thereafter in effect, with each
               change in the Prime Rate automatically, immediately and without
               notice changing the fluctuating interest rate thereafter
               applicable hereunder, it being agreed that

                                       43
<Page>

               the Prime Rate is not necessarily the lowest rate of interest
               then available from Agent on fluctuating rate loans.

         12.   POSSESSION OF COLLATERAL. Throughout the term of this Deposit and
Security Agreement, possession of the Collateral shall be maintained by Agent,
or its agent or nominee (if Agent so chooses from time to time), as necessary
and appropriate to perfect Agent's security interest therein as provided in, and
subject to the terms of, this Deposit and Security Agreement; PROVIDED, HOWEVER,
that Agent shall at all times be responsible for the safekeeping of the
Collateral and the acts of any such agent or nominee. If any part of the
Collateral consists of "book-entry" securities, Agent shall have such securities
held in the name of Agent at the appropriate Federal Reserve Bank or other
depository, and Agent shall take such other actions as are necessary to maintain
a prior perfected security interest in such "book-entry" securities in
accordance with federal regulations or applicable law regarding "book-entry"
securities.

         13.   TERMINATION OF SECURITY INTERESTS. This Deposit and Security
Agreement and the security interests under this Deposit and Security Agreement
shall terminate when all amounts due and owing on account of, and all
obligations and liabilities of TERI in respect of, the Secured Obligations shall
have been fully performed, satisfied, and paid as provided in this Deposit and
Security Agreement. At such time, Agent shall promptly reassign and deliver to
TERI, without recourse or representation, against TERI's receipt, all Collateral
then held by Agent. Agent shall promptly execute and cause to be filed
termination statements in respect of any financing statements filed under this
Deposit and Security Agreement. The security interests hereunder shall terminate
as to all Collateral lawfully withdrawn by or paid to TERI hereunder, upon the
occurrence of such withdrawal or payment.

         14.   REPRESENTATIONS AND WARRANTIES.

         (a)   Each party, with respect to itself, represents and warrants that:

               (i)     The making and performance of this Deposit and Security
                       Agreement and the activities contemplated hereby have
                       been duly authorized by all necessary corporate action
                       and do not and will not:

                       (A)    violate any provision of law, or any regulation,
                              order, decree, writ or injunction, or any
                              provision of such party's charter or bylaws; or

                       (B)    violate or result in the breach of, or constitute
                              a default or require any consent under, any
                              agreement or instrument by which it or any of its
                              property may be bound or affected; and

               (ii)    This Deposit and Security Agreement is the legal, valid
                       and binding obligation of such party, enforceable in
                       accordance with the terms hereof.

                                       44
<Page>

               (iii)   There is no pending or threatened litigation that would,
                       if resolved adversely to such party, adversely impact
                       third party's ability to perform any of its obligations
                       under this Deposit and Security Agreement or the Guaranty
                       Agreement.

         (b)   TERI represents and warrants that, except for the security
               interests of Agent created under this Deposit and Security
               Agreement, TERI is and will be the owner of the Collateral,
               whenever acquired or arising, free and clear of all liens,
               security interests, claims, encumbrances, charges, set-offs,
               defenses, and counterclaims.

         (c)   The foregoing representations and warranties are subject to (i)
               the exercise of judicial discretion in accordance with the
               general principles of equity; (ii) the valid exercise of the
               police powers of the several states of the United States of
               America and of the constitutional powers of the United States of
               America and (iii) bankruptcy, insolvency, reorganization,
               moratorium or similar laws affecting creditor's rights generally.

         15.   COVENANTS OF TERI. TERI agrees and covenants with Lender and FMC
as follows:

         (a)   MAINTENANCE AND USE OF COLLATERAL. TERI shall not permit the
               Collateral to be used in violation of the Guaranty Agreement or
               this Deposit and Security Agreement.

         (b)   TAXES. TERI shall, if so obligated, pay and discharge when due
               all taxes, assessments, license or permit fees, levies, and other
               charges upon the Collateral, and TERI shall, if so obligated,
               also pay and discharge when due all other taxes, levies, or
               assessments relating to its business which, if unpaid, might give
               rise to any penalty, security interest, lien, charge, levy,
               assessment, or encumbrance in, on or against the Collateral. The
               Collateral and all income and/or proceeds of the Collateral shall
               be, and be treated by TERI as being, the property of TERI, and
               TERI shall report the Collateral and all such proceeds as its
               sole property until, unless and except to the extent any of the
               Collateral is paid and transferred to an Owner pursuant to the
               Guaranty Agreement and this Deposit and Security Agreement.

         (c)   NO ENCUMBRANCE. Except as otherwise expressly permitted in this
               Deposit and Security Agreement, TERI shall not sell, assign,
               transfer, pledge, hypothecate, or otherwise dispose of or
               encumber any of the Collateral or any interest therein until all
               of the Secured Obligations are fully satisfied. TERI shall
               protect and defend the Collateral from and against any and all
               claims, demands, or legal proceedings brought or asserted by any
               party other than Agent.

                                       45
<Page>

         (d)   MAINTENANCE OF SECURITY INTEREST. TERI agrees that it shall do
               all things Agent from time to time deems reasonably necessary to
               preserve and maintain the security interests of Agent under this
               Deposit and Security Agreement as a first priority lien in the
               Collateral and shall not permit the creation of any other lien,
               charge, security interest, or encumbrance in the Collateral. TERI
               agrees that it shall execute and deliver and, if requested by
               Agent, shall file or record, or cause to be filed or recorded,
               such notices, financing statements, continuation statements,
               certificates of title, and other documents, and shall deliver to
               Agent upon request therefor such securities, agreements,
               writings, documents, certificates, instruments, or other
               intangibles, as Agent reasonably deems necessary from time to
               time to perfect and maintain the perfection of the security
               interests of Agent under this Deposit and Security Agreement. All
               documents which are being filed or recorded shall be prepared by
               and in form and substance satisfactory to Agent and FMC. Agent,
               FMC or TERI shall have the right to file this Deposit and
               Security Agreement and any financing statement reflecting the
               content of this Agreement for record in any governmental office.

         (e)   RECORDS, STATEMENTS, AND RELATED DOCUMENTS. TERI agrees:

               (i)     when reasonably requested to do so by Agent or FMC, to
                       prepare and deliver to Agent and FMC a schedule in form
                       satisfactory to Agent, certified by an authorized officer
                       of TERI, listing all Collateral and the location thereof;

               (ii)    to keep accurate and complete records at all times in
                       respect of the Collateral and to deliver to Agent and FMC
                       copies of such records and such other information
                       regarding the Collateral which Agent or FMC may
                       reasonably request; and

               (iii)   that at any reasonable time during TERI's normal business
                       hours, and after reasonable notice (at least three (3)
                       business days), Agent, FMC or their authorized
                       representatives may enter the premises of TERI to inspect
                       and copy the books and records of TERI, all of which
                       records shall be kept at the principal offices of TERI,
                       except as permitted under paragraph (f) below. Any such
                       examination or inspection shall be at the expense of the
                       party requesting such examination or inspection, unless
                       there is then existing a default under this Deposit and
                       Security Agreement, or unless the examination or
                       inspection is the result of a notice (other than a notice
                       of name change) given by TERI pursuant to paragraph (g)
                       below, or unless the examination or inspection uncovers a
                       default not cured within thirty (30) days hereunder, in
                       which case such examination or inspection shall be at
                       TERI's expense.

                                       46
<Page>

         (f)   LOCATION. The principal office of TERI is located at 330 Stuart
               Street, Suite 500, Boston, Massachusetts 02116-5237, and all
               books of account and records relating to the collateral and
               TERI's business are located at TERI's principal office. TERI
               shall not, without giving Agent and FMC at least ten (10) days
               prior written notice, change the location of any of the
               Collateral or the location at which it does business, including,
               without limitation, the location at which any books of account or
               records relating to the Collateral and TERI's business are kept.

         (g)   NOTICE. TERI shall promptly notify Agent and FMC of any change in
               TERI's name or any physical loss, destruction, or damage to any
               material portion of the Collateral. TERI shall also promptly
               notify Agent and FMC of any default hereunder.

         (h)   FURTHER INFORMATION. TERI shall execute and deliver, or cause to
               be executed and delivered, to Agent, in a form satisfactory to
               Agent, TERI's certification of its tax identification number, its
               direction under 17 C.F.R 240.146.2 and such other documents as
               Agent shall reasonably request to perform its obligations
               hereunder.

         16.   WAIVER. No delays or omissions by either party in exercising or
enforcing any of its respective rights, remedies, powers, privileges and
discretions ("Rights and Remedies") shall operate as or constitute a waiver of
any such Rights and Remedies. No waiver by a party of any default under this
Deposit and Security Agreement or the Guaranty Agreement shall operate as a
waiver of any other default under the Deposit and Security Agreement. No single
or partial exercise by a party of any of its Rights and Remedies shall preclude
the other of further exercise of such Rights and Remedies. No waiver or
modification of a party's Rights and Remedies on any one occasion shall be
deemed a waiver on any subsequent occasion, nor shall it be deemed a continuing
waiver. All Rights and Remedies shall be cumulative and not alternative or
exclusive, and a party may exercise any such Rights and Remedies or any of them
at such time or times and in such order of preference as that party in its sole
discretion may determine.

         17.   [Intentionally Omitted.]

         18.   CONFIDENTIALITY. The parties acknowledge that this Deposit and
Security Agreement contains confidential information and agree not to disclose
any of the terms and conditions relating to this Deposit and Security Agreement
and the Pledged Account without the prior express written consent of the others.
The provisions of the foregoing sentence to the contrary notwithstanding, any
such information may be disclosed to any employees, officers, directors or
representatives of the parties to effect the purpose of the [PRODUCT NAME] Loan
Programs and to the attorneys and accountants of the parties on a confidential
basis. This provision shall, further, not be construed to prohibit the
disclosure of any information relating to this Deposit and Security Agreement
(a) that is now or in the future becomes public information, (b) as may be
required by applicable law or this Deposit and Security Agreement or the
Guaranty Agreement, (c) to the underwriters and rating agencies,

                                       47
<Page>

their employees, agents and attorneys and to such others as Owners may determine
necessary (including regulators and potential investors in a private or public
offering) in connection with the sale, securitization or other financing of any
of the Loans, and (d) as necessary to perfect or enforce the security interest
in the Collateral granted hereunder.

         19.   CHOICE OF LAW. This Deposit and Security Agreement shall be
governed and construed in accordance with Massachusetts law, without regard to
principles of conflict of laws. The parties each consent to jurisdiction in the
appropriate Court Department for Suffolk County, located in Boston,
Massachusetts, and the United States District Court for the District of
Massachusetts, as judicial forums within which any action to enforce the
provisions hereof or any disputes arising under this Deposit and Security
Agreement may be brought.

         20.   SEVERABILITY. If at any time one or more provisions of this
Deposit and Security Agreement is or becomes invalid, illegal or unenforceable
in whole or in part, the validity, legality, and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

         21.   ASSIGNMENT. This Deposit and Security Agreement may not be
assigned by any party without the others' prior express written consent, except
as may be required pursuant to Section 4 or permitted pursuant to this Section
21. Any other provision in this Deposit and Security Agreement to the contrary
notwithstanding, TERI, Agent, Lender and FMC agree that Lender shall not be
required to obtain the consent of Agent, TERI or FMC to Lender's sale to any
third party lender and/or investor or other purchaser of any portion or all of
the Loans; nor shall any such sale of the Loans constitute or be deemed a
default under this Deposit and Security Agreement or invalidate in any way the
terms and provisions of the Guaranty Agreement.

         22.   HEADINGS. The section headings used in this Deposit and Security
Agreement are for convenience of reference only and are not to affect the
construction or to be taken into consideration in interpreting this Deposit and
Security Agreement.

         23.   AMENDMENT. This Deposit and Security Agreement may be amended or
modified only by the written agreement of TERI, Agent, on behalf of Owners, and
FMC.

         24.   NOTICES. All notices under this Deposit and Security Agreement
shall be sent by any means requiring receipt signature, or if by facsimile
confirmed by first-class mail, postage or other delivery charge prepaid to

TERI:

The Education Resources Institute, Inc.
330 Stuart Street
Boston, Massachusetts 02116-5237
Attention: Paul C. McCarty, Senior Vice President

                                       48
<Page>

and if such notice regards a default hereunder, with a copy to:

William S. Strong, Esq.
Kotin, Crabtree & Strong, LLP
One Bowdoin Square
Boston, Massachusetts 02114-2919

Lender:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 and if such notice regards a default hereunder, with a copy to:

-----------------------

-----------------------

-----------------------

-----------------------

FMC:

The First Marblehead Corporation
Attn: Daniel Maxwell Meyers
Chairman, CEO
30 Little Harbor
Marblehead, MA  01945

and if such notice regards a default hereunder, with a copy to:

Richard P. Hackett, Esq.
Pierce Atwood
One Monument Square
Portland, ME 04101

Agent:

------------------

------------------

------------------

------------------

                                       49
<Page>

and if such notice regards a default hereunder, with a copy to:

------------------

------------------

------------------

------------------

Any party may, by notice to the other parry in accordance with this section,
designate a different address for notices thereafter under this Deposit and
Security Agreement.

         25.   NON-BUSINESS DAYS. Any action required or permitted to be taken
or done hereunder on a day which is not a business day in the Cities in which
the principal offices of Agent, TERI and FMC are located may be taken or done on
the next business day with the same effect as if taken or done on such
non-business day.

         26.   BENEFIT OF OWNERS. This agreement is for the benefit not only of
Lender and FMC but also of the Owners from time to time, and its provisions may
be enforced by such Owners.

         27.   COUNTERPARTS. This Deposit and Security Agreement may be executed
in multiple counterparts, each of which shall be deemed an original, but all of
which shall together be deemed a single agreement.

         IN WITNESS WHEREOF, the parties hereto have caused this Deposit and
Security Agreement to be executed by their respective officers, being first duly
authorized, as of the day and year first above written.

THE EDUCATION RESOURCES INSTITUTE, INC.

By:
   ---------------------------

LENDER:
       ----------------------

By:
   ---------------------------

THE FIRST MARBLEHEAD CORPORATION

By:
   ---------------------------

AGENT:
      --------------------------------------

By:
   ---------------------------

                                       50
<Page>

                                    EXHIBIT F
                                       TO
                         MASTER LOAN GUARANTY AGREEMENT

                               ACCESSION AGREEMENT

                                [SUB TRUST NAME]

                                                    ______________________, 2001

[XYZ, TRUSTEE
ADDRESS]

Ladies and Gentlemen:

         We refer to the Securitization Trust Agreement, dated as of
_____________________ (the "Trust Agreement"), between The National Collegiate
Trust (the "Company") and XYZ (in its capacity as trustee thereunder, the "Owner
Trustee"). We propose to acquire a beneficial interest in Sub Trust Name, a
Delaware business trust (the "Trust") formed pursuant to the Trust Agreement.
Capitalized terms used herein without definition have the meanings given them in
the Trust Agreement.

         1. We understand that our Trust Certificate is not being registered
under the Securities Act of 1933, as amended (the "1933 Act"), or any state
securities or "Blue Sky" law, and is being sold to us in a transaction that is
exempt from the registration requirements of the 1933 Act and any applicable
state laws.

         2. We have such knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in
the Trust, we are able to bear the economic risk of investment in the Trust, and
we are an "accredited investor" as defined in Regulation D under the 1933 Act.

         3. We acknowledge that none of the Trust, the Company or the Owner
Trustee has advised us concerning the federal or state income tax consequences
of owning a beneficial interest in the Trust, including the tax status of the
Trust or the likelihood that distributions from the Trust would be characterized
as "unrelated business income" for federal tax purposes, and we have consulted
with our own tax advisor with respect to such matters.

         4. We are acquiring our Trust Certificate for our own account and not
for the benefit of any other person and not with a view to any distribution of
our beneficial interest in the Trust, subject to the understanding that
disposition of our property shall at all times be and remain within our control.

         5. We agree that our beneficial interest in the Trust must be held
indefinitely by us unless subsequently registered under the 1933 Act and any
applicable state securities or "Blue

                                       51
<Page>

Sky" law or unless exemptions from the registration requirements of the 1933 Act
and applicable state laws are available.

         6. We agree that in the event that at some future time we wish to
dispose of or exchange any of our beneficial interest in the Trust, we will not
transfer or exchange any of our beneficial interest in the Trust unless we have
obtained the prior written consent to such transfer or exchange pursuant to [THE
APPLICABLE SECTION] of the Trust Agreement, and either:

                       A.     (1) the transfer or exchange is made to an
               Eligible Purchaser (as defined below), (2) a letter to
               substantially the same effect as this letter is executed promptly
               by such Eligible Purchaser, and (3) all offers or solicitations
               in connection with the sale (if a sale), whether made directly or
               through any agent acting on our behalf, are limited only to
               Eligible Purchasers and are not made by means of any form of
               general solicitation or general advertising whatsoever; or

                       B.     our beneficial interest in the Trust is sold in a
               transaction that does not require registration under the 1933 Act
               and any applicable state "Blue Sky" law.

         "Eligible Purchaser" means a corporation, partnership or other entity
which we have reasonable grounds to believe and do believe can make
representations with respect to itself to substantially the same effect as the
representations set forth herein.

         7. We understand that our Trust Certificate bears a legend to
substantially the following effect:

         THE BENEFICIAL INTEREST IN THE TRUST REPRESENTED BY THIS TRUST
         CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
         AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAW, AND MAY NOT BE
         DIRECTLY OR INDIRECTLY OFFERED OR SOLD OR OTHERWISE DISPOSED OF
         (INCLUDING PLEDGED) BY THE HOLDER HEREOF UNLESS IN THE OPINION OF
         COUNSEL SATISFACTORY TO THE OWNER TRUSTEE SUCH TRANSACTION IS EXEMPT
         FROM REGISTRATION UNDER THE ACT AND STATE SECURITIES LAWS. THE TRANSFER
         OF THIS TRUST CERTIFICATE WILL NOT BE EFFECTIVE UNLESS THE TRANSFEREE
         HAS DELIVERED TO THE OWNER TRUSTEE A LETTER IN THE FORM REQUIRED BY
         SECTION [APPLICABLE REFERENCE] OF THE TRUST AGREEMENT AND THE
         TRANSFEREE PROVIDES THE OWNER TRUSTEE WITH EVIDENCE SATISFACTORY TO THE
         OWNER TRUSTEE DEMONSTRATING THE TRANSFEROR'S COMPLIANCE WITH SECTION
         [APPLICABLE REFERENCE] OF THE TRUST AGREEMENT.

         8. We agree to be bound by all the terms and conditions of our Trust
Certificate and the Trust Agreement.

                                       52
<Page>

                                         Very truly yours,

                                         THE EDUCATION RESOURCES INSTITUTE, INC.

                                         BY:
                                            ------------------------------------
                                            NAME:
                                                 -------------------------------
                                            TITLE:
                                                 -------------------------------

ACCEPTED AND ACKNOWLEDGED THIS
_____ DAY OF ___________, 2001.

XYZ,
NOT IN ITS INDIVIDUAL CAPACITY, BUT SOLELY AS OWNER TRUSTEE

BY:
   ------------------------------------
   NAME:
        -------------------------------
   TITLE:
        -------------------------------

                                       53<Page>

                                                                   EXHIBIT 10.19

          CONFIDENTIAL MATERIALS OMITTED AND FILED SEPARATELY WITH THE
         SECURITIES AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

                           MASTER SERVICING AGREEMENT

       THIS MASTER SERVICING AGREEMENT ("Agreement") is made and entered into by
and between 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 330 Stuart Street, Boston,
Massachusetts 02116, and FIRST MARBLEHEAD EDUCATION RESOURCES, INC. ("FMER"), a
Delaware corporation having its principal place of business at 30 Little Harbor,
Marblehead, Massachusetts 01945. THE FIRST MARBLEHEAD CORPORATION ("FMC") joins
in this Agreement for the limited purposes set forth below. This Agreement is
dated as of and effective as of July 1, 2001.

                                    RECITALS

       WHEREAS, TERI is a not-for-profit private loan guaranty company with
substantial experience developing and executing education loan programs made by
private lenders and guaranteed by TERI; and

       WHEREAS, as of June 20, 2001, FMER has acquired those assets of TERI used
to perform various services relating to such TERI-guaranteed loan programs
(including underwriting, documentation and other origination services, technical
support, disbursements, customer service, collections, accounting services,
guarantee claims management and administrative services), and is hiring former
TERI employees who perform such services; and

       WHEREAS, TERI desires FMER to assist TERI in the performance of such
services, and FMER is willing to assist TERI in the performance of such
services, in accordance with the terms and conditions set forth herein;

       NOW, THEREFORE, in consideration of these presents, the mutual promises
made in this Agreement and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as
follows:

                                    ARTICLE I
                                   DEFINITIONS

       As used in this Agreement, the following terms shall have the meanings
specified:

1.01   "AAA" has the meaning set forth in Section 11.11.

1.02   "AFFILIATE" means, with respect to any Person, any other Person
controlling, controlled by or under common control with, such Person. As used in
this definition, "CONTROL" (including,

                                        1
<Page>

with its correlative meanings, "CONTROLLING," "CONTROLLED BY" and "UNDER COMMON
CONTROL WITH") means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of that Person,
whether through the ownership of voting securities, by contract or otherwise.

1.03   "AGREEMENT" has the meaning set forth in the preamble hereto.

1.04   "BUDGET ARBITRATION" has the meaning set forth in Section 3.02(e)(iv).

1.05   "CAPITAL EXPENSES" means any and all expenses or payments which, in
accordance with GAAP, should be capitalized and expensed over multiple years.

1.06   "CONFIDENTIAL INFORMATION" has the meaning set forth in Section 11.15(a).

1.07   "COST CENTER" has the meaning set forth in Section 3.02.

1.08   "CUSTOMER CONTACT EMPLOYEES" means those employees of TERI listed on
EXHIBIT D hereof who are engaged in certain activities in connection with TERI's
loan origination business.

1.09   "FMER" has the meaning in the preamble hereto.

1.10   "FMER PERMITS" has the meaning set forth in Section 7.07.

1.11   "GAAP" means generally accepted accounting principles, consistently
applied.

1.12   "GATE STUDENT LOAN PROGRAM" means the FMC-sponsored program providing
loans for graduate and undergraduate students who (a) may or may not have a
credit history but do not have significant negative credit history, (b) are
enrolled at schools that (i) agree to participate in the program, (ii) award the
loans to specified students, and (iii) in most cases, provide direct or indirect
credit support for the loans, as such program may be revised or modified from
time to time.

1.13   "GOVERNMENTAL AUTHORITY" means any federal, state, municipal, local,
territorial or other governmental department, commission, board, bureau, agency,
regulatory authority, instrumentality, judicial or administrative body, domestic
or foreign.

1.14   "INDEMNIFIABLE LOSS" has the meaning set forth in Section 9.01(a)

1.15   "INDEMNIFYING PARTY" has the meaning set forth in Section 9.01(d).

1.16   "INDEMNITEE" has the meaning set forth in Section 9.01(c).

1.17   "LAWS" means all laws, statutes, rules, regulations, ordinances and other
pronouncements having the effect of law of the United States, any foreign
country or any domestic or foreign state, county, city or other political
subdivision of any Governmental Authority.

                                        2
<Page>

1.18   "LICENSE" has the meaning set forth in Section 2.05.

1.19   "MARKETING SERVICES AGREEMENT" means the agreement by that name of even
date herewith between TERI and TMSI.

1.20   "MATERIAL FAILURE OF PERFORMANCE" has the meaning set forth in
Section 8.02(b)(iv).

1.21   "PERFORMANCE STANDARDS" has the meaning set forth in Section 8.02(b)(i).

1.22   "PERSON" means any individual, partnership, corporation, association,
trust, limited liability company, joint venture, unincorporated organization and
any government, governmental department or agency or political subdivision
thereof.

1.23   "PROGRAM" means any arrangement whereby TERI has agreed to originate and/
or guarantee loans.

1.24   "PROGRAM GUIDELINES" means the Program Guidelines adopted by TERI and
used as the basis for determining whether, when and to what extent to extend
credit under a Program. The Program Guidelines approved and adopted by TERI in
effect as of the date of this Agreement (which may be amended or revised from
time to time by TERI).

1.25   "PURCHASE AND SALE AGREEMENT" means that certain Asset Purchase and Sale
Agreement among FMER, FMC, TMSI and TERI dated as of April 6, 2001.

1.26   "SERVICES" has the meaning set forth in Article II.

1.27   "SERVICING INFORMATION" means information necessary to perform the
Services, such as loan application and origination data, collection data, copies
of contracts creating obligations that FMER will perform on behalf of TERI, and
such other information, data and records as is reasonably necessary for FMER to
perform the Services.

1.28   "TERI" has the meaning set forth in the preamble hereto.

1.29   "TERI PERMITS" has the meaning set forth in Section 6.05.

1.30   "THIRD PARTY CLAIM" has the meaning set forth in Section 9.02(a).

1.31   "TMSI means TERI Marketing Services, Inc., a wholly-owned subsidiary of
FMER.

1.32   "TRANSFERRED COSTS" has the meaning set forth in Section 3.02.

                                        3
<Page>

                                   ARTICLE II
                                    SERVICING

2.01   FMER SERVICES. TERI hereby hires, designates and appoints FMER as its
agent and consultant to provide, and FMER hereby accepts such appointment and
agrees to provide, all origination services (including underwriting,
documentation, technical support and disbursements), customer service,
collections, accounting services, guarantee claims management and administrative
services reasonably required to service the Programs including, without
limitation, the services described in EXHIBIT B attached hereto and made a part
hereof (the "Services"). The appointment includes a limited power to act as
attorney-in-fact for purposes of prosecuting and settling all collections of
defaulted loans.

2.02   EXCLUSIVITY. It is expressly understood and agreed that during the first
two years of the term of this Agreement, FMER shall provide the Services solely
to TERI and its Affiliates and shall not provide the same or similar services to
any other Person; PROVIDED, HOWEVER, that the foregoing limitation shall not
apply to any services rendered in connection with the GATE Student Loan Programs
or any other loan program sponsored or managed by FMC.

2.03   TERI ASSISTANCE. TERI shall provide such information and shall take such
action as may be reasonably required to assist FMER in its performance of the
Services.

2.04   USE OF SERVICE MARKS. The parties acknowledge that in dealing with
lenders, borrowers, and others in the course of performing its obligations under
this Agreement, it may be desirable, to avoid confusion or for other reasons,
for FMER to act in TERI's name, using the service marks and trademarks described
in Exhibit A attached hereto, and any other marks that TERI may from time to
time hereafter adopt (collectively, the "Service Marks"). Accordingly, TERI
hereby grants to FMER a limited, nonexclusive, terminable license to use the
Service Marks solely in performing the Services hereunder and as limited by this
section 2.04. The parties agree that nothing herein shall give to FMER any
right, title or interest in and to the Service Marks (except the right to use
the same in accordance with the terms of this Agreement), that the Service Marks
are the sole property of TERI, and that any and all uses of the Service Marks by
FMER and the goodwill pertaining thereto shall inure to the sole benefit of
TERI. It is expressly agreed and understood that FMER is not purchasing or
acquiring any right, title or interest in the Service Marks. FMER agrees that if
any rights in the Service Marks accrue to FMER by operation of law, this
Agreement irrevocably assigns such rights to TERI and grants to TERI a power of
attorney, coupled with an interest, to execute such instruments as may be
necessary or advisable to confirm such assignment. All uses of the Service Marks
by FMER shall be conducted in accordance with all policies and procedures of
TERI in effect from time to time and shall be presented in a professional
manner, consistent with the image and use of the Service Marks by TERI. In all
events, FMER may make any use of the Service Marks which has been expressly
approved in writing by TERI.

2.05   CUSTOMER CONTACT EMPLOYEES. The parties agree and acknowledge that
certain of the employees of TERI engage in certain activities in connection with
TERI's loan origination

                                        4
<Page>

business that, when such employees are transferred to FMER, may require a
license pursuant to M.G.L. chapter 140, Sections 96-114A (the "License"). TERI
agrees to employ the Customer Contact Employees, subject to TERI's customary
rights as employer of those employees, until FMER receives the License. Such
continued employment by TERI shall include responsibility for the payroll and
fringe benefit plans existing as of the date hereof for the Customer Contact
Employees. TERI shall direct such Customer Contact Employees to continue to
perform their current duties. TERI will make available the services of the
Customer Contact Employees to FMER. TERI will not charge FMER for such services
so long as such services are provided solely for the benefit of TERI. FMER will
provide management, human resources support, and each and every other service
with respect to the Customer Contact Employees contemplated hereunder. FMER will
remain responsible for the quality of all services required hereunder.

                                   ARTICLE III
                                 SERVICING FEES

3.01   SERVICING FEES. In consideration for the Services, TERI agrees to pay, in
U.S. dollars, an annual fee equal to FMER's Transferred Costs. FMER shall bill
TERI monthly for its actual Transferred Costs. TERI shall pay FMER for such
Transferred Costs as billed, within seven (7) days of receipt of such bill. The
aggregate Transferred Costs billed by FMER to TERI during any budget year shall
not exceed the amounts reflected in the annual budget as approved by TERI and as
adjusted under section 3.02(e).

3.02   TRANSFERRED COSTS.  For purposes of this Article III, "Transferred Costs"
shall be computed in accordance with GAAP, utilizing the following procedure:

       (a)    FMER shall establish "Cost Centers" that record all costs of
providing services under this Agreement. The Cost Centers shall include costs
associated with:

       (i)    origination services, including underwriting, document
              preparation, and lender support; and

       (ii)   collection services, including management of collection of
              defaulted loans and default prevention.

       (b)    FMER shall record expenses attributable to each Cost Center
utilizing the same accounting categories and principles as previously used by
TERI to record expenses, including, as appropriate, the following:

       (i)    Recovery
       (ii)   Bankruptcy
       (iii)  QCPM
       (iv)   Loan Origination
       (v)    Claims
       (vi)   Preclaims Collection
       (vii)  Customer Service

                                        5
<Page>

       (viii) Education Finance/Administration
       (ix)   BSR/IST
       (x)    Human Resources/Office Management
       (xi)   Finance
       (xii)  Executive

FMER shall include depreciation expense for the Cost Centers. Capital Expenses
may include capital improvements in support of TERI Marketing Services, Inc.
Depreciation expense may only be included in Cost Centers to the extent that
such expense reflects a Capital Expense previously approved by TERI in a capital
expenditure budget submitted and approved in accordance with section 3.02(e).
Depreciation of the purchase price of tangible assets purchased under the
Purchase and Sale Agreement shall be permitted under the Initial Budget approved
under subsection 3.02(e)(i).

       (c)    During the first two years of this Agreement, only expenses
directly related to providing services under this Agreement and services
permitted under Section 2.02 shall be incurred by a Cost Center. In the event
that a Cost Center will provide support for both TERI-guaranteed loan programs
and other programs (such as the GATE Student Loan Program) FMER shall propose a
fair and equitable method of allocation of costs as part of its budget proposed
under subsection 3.02(e) and shall not begin providing services for such other
programs until the method of allocation of costs is agreed upon. Cost allocation
methods may include, without limitation, hourly charges, percentage commissions,
and relative size of loan portfolios serviced, as appropriate. A failure to
agree regarding allocation methods shall be an arbitrable dispute to be resolved
simultaneously with any other disputes under the Budget Arbitration process set
forth in Section 11.11.

       (d)    The parties contemplate that all Cost Centers will incur employee
expense only with respect to former TERI employees, as an initial matter. That
is, the Cost Centers will be staffed with former TERI employees. Over time,
employment levels may increase or decrease in each Cost Center, and such
increases or decreases in expenses shall be reflected in Transferred Costs,
except to the extent that proration of expenses is required for a particular
Cost Center under the terms of this Agreement.

       (e)    TERI's Board of Directors will have a right of reasonable review
and approval of the annual budget for Transferred Costs. Budgets will be
reviewed and established in accordance with the following procedure:

              (i)    INITIAL BUDGET. Within 15 days after execution of this
       Agreement, FMER will propose any revisions to the existing 2001 TERI
       budget for the Cost Centers. TERI's Board of Directors shall appoint a
       budget review committee (the "Budget Committee") within the same period.
       TERI's chief executive officer, or, in the case of proposed revisions in
       excess of [**]% of the existing budget, the Budget Committee, shall
       approve or deny all or part of FMER's request within thirty (30) days of
       receipt. The chief executive officers of FMER and TERI shall meet
       promptly thereafter to resolve any differences. If any dispute is not so
       resolved, FMER shall perform the Services at a

                                        6
<Page>

       price established in accordance with the decision of the Budget
       Committee, but shall have the right to demand Budget Arbitration as
       provided in Section 11.11 below, by written notice given within sixty
       (60) days after receipt of the Budget Committee's decision.

              (ii)   ANNUAL BUDGET. At least 45 days before the end of any TERI
       budget year, FMER will present a proposed budget to TERI. The Budget
       Committee shall approve or deny all or part of FMER's request within
       thirty (30) days of receipt. The chief executive officers of FMER and
       TERI shall meet promptly thereafter to resolve any differences. If any
       dispute is not so resolved, FMER shall perform the Services at a price
       established in accordance with the decision of the Budget Committee, but
       shall have the right to demand Budget Arbitration as provided in Section
       11.11 below, by written notice given within sixty (60) days after receipt
       of the Budget Committee's decision.

              (iii)  BUDGET ADJUSTMENT.

                     A.     FMER may apply to TERI's chief executive officer for
              budget adjustments based upon increased volume of Services being
              performed as compared to the assumptions used in the then-current
              budget. Adjustments approved without review by the Budget
              Committee shall not exceed, individually or in the aggregate, [**]
              percent ([**]%) of the annual budget per budget year. If a
              requested adjustment is denied or reduced in an amount greater
              than [**] percent ([**]%) of such adjustment, FMER may demand
              Budget Arbitration by written notice given within thirty (30) days
              after receipt of such denial or reduction.

                     B.     In the event that the volume of loan origination
              Services performed changes by more than [**] percent ([**]%) as
              compared to the volume assumed in the budget (computed on a
              quarterly basis for the then-current budget year) (a "Threshold
              Change"), then FMER may, in the case of an increase, and shall, in
              the case of a decrease, within thirty (30) days after the
              Threshold Change appears in FMER's quarterly reports, propose a
              revised budget to the Budget Committee. The Budget Committee shall
              approve or deny all or part of FMER's request within thirty (30)
              days of receipt. The chief executive officers of FMER and TERI
              shall meet promptly thereafter to resolve any differences. If any
              dispute is not so resolved, FMER shall perform the Services at a
              price established in accordance with the decision of the Budget
              Committee, but shall have the right to demand Budget Arbitration
              as provided in Section 11.11 below, by written notice given within
              sixty (60) days after receipt of the Budget Committee's decision.

              (iv)   BUDGET ARBITRATION. As used herein, "Budget Arbitration"
       refers to arbitration conducted in accordance with Section 11.11 hereof.
       In any such arbitration, FMER shall be entitled to recover any additional
       reasonable costs (above what is allowed in the then-current budget as it
       relates to the disputed budget item) of labor, materials, equipment and
       third-party services reasonably necessary to perform the services in
       accordance with the Performance Standards. Any arbitration award
       increasing

                                        7
<Page>

       compensation to FMER shall be effective as of the beginning of the budget
       period to which such award relates.

              (v)    SPECIAL RULE FOR VOLUME-BASED INCREASES. The Budget
       Committee may condition its approval of any budget increase that is
       requested on account of projected increased volume of loan origination
       Services. Such condition shall relate to risk sharing by FMER with
       respect to recovery (to the extent budgeted) of such additional budgeted
       costs out of incremental origination revenues paid to TERI. Any such
       condition shall place no more than [**] percent ([**]%) of the risk of
       failure to achieve budget targets on FMER and shall clearly define the
       method of determining whether incremental cost recovery has been
       achieved. If TERI proposes risk sharing, it shall also propose equal
       sharing of the excess over budget of actual incremental revenues versus
       actual incremental costs, in the same percentages.

              For example, assume that FMER projects additional loan origination
       expense of $[**] to be matched by an additional $[**] of
       origination-related revenues. TERI may propose that FMER's payment for
       services may be reduced by up to [**]% of the amount by which actual
       incremental loan origination revenues are less than actual incremental
       costs, and FMER shall be entitled to the same percentage of any excess of
       incremental revenues over costs.

              In a similar manner, assume that the approved budget projected
       only $[**] of incremental loan origination revenues, for a budgeted loss
       of $[**]. If the actual incremental loss is $[**], FMER is responsible
       for $[**] of that loss, and its reimbursement for Transferred Costs is
       reduced by that amount. If the actual incremental loss is only $[**],
       FMER receives a bonus above actual Transferred Costs of $[**].

              If FMER refuses to accept a proposed risk sharing arrangement, the
       requested increase may be denied to the extent of the amount proposed for
       sharing. In such event, FMER's recourse to Budget Arbitration regarding
       the proposed risk sharing shall be limited to the reasonableness and
       clarity of the proposed measures of incremental cost and revenue, but
       FMER may not challenge the fact of a proposal to share risk that
       otherwise conforms to this Section. The arbitrator's determination of the
       appropriate measures of incremental cost and revenue shall be final and
       the budget increase shall become effective subject to risk sharing.

              FMER may obtain Budget Arbitration of the reasonableness of the
       gross amount of a risk-shared cost budget on the same terms that apply to
       any other Budget Arbitration. That is, the amount of the budget, as
       opposed to the risk sharing proposal, remains fully arbitrable.

              Risk sharing under this subsection 3.02(v) shall apply only to
       costs of Services relating to TERI's fee-based loan origination services.

                                        8
<Page>

                                   ARTICLE IV
                                      AUDIT

4.01   TERI AUDITS. TERI shall have the right, in its discretion, from time to
time during the Term of this Agreement, to audit and conduct a performance
review of FMER with respect to FMER's performance of the Services and adherence
to the Performance Standards. Upon request by TERI, FMER shall provide TERI or
persons authorized by and acting on behalf of TERI with reasonable access during
normal business hours to FMER's facilities and to FMER's accounting and business
records in order to permit TERI, or such authorized persons, to audit (or
perform compliance reviews with respect to) FMER's supporting procedures,
controls and security methods associated with the services being provided to
TERI. TERI shall also have the right as often as it shall reasonably deem
necessary, to audit, at its expense, all books and records of FMER relating to
Transferred Costs billed by FMER to TERI. FMER shall reasonably cooperate with
TERI or such other persons authorized by TERI in the conduct of any such audit,
including providing access to officers and the independent auditors of FMER for
discussion of any such audit.

4.02   AUDITS BY GOVERNMENTAL AUTHORITIES. In addition, FMER shall allow any
Governmental Authority having jurisdiction over TERI's business reasonable
access during normal business hours to the records and procedures of FMER
related to this Agreement. FMER shall reasonably cooperate with such
Governmental Authority in the conduct of any such audit, including providing
access to officers and the independent auditors of FMER for discussion of any
such audit.

                                    ARTICLE V
                          ACCOUNTS, RECORDS AND REPORTS

5.01   ACCOUNTS AND RECORDS. Books of account and records relating to the
Programs and the Loans, together with a general ledger and financial statements,
shall be maintained by FMER on behalf of TERI, in accordance with GAAP, where
applicable, and in accordance with good business practice, and FMER shall
cooperate and provide such information to TERI as is available with respect to
such books and records.

5.02   REPORTS. FMER will provide to TERI's Board of Directors or President all
operational and financial reports presently created by TERI for its Board of
Directors or for its senior management, and any other reports reasonably
required for TERI to operate its business. Such reports shall be provided in
substantially the same format and frequency as presently provided by TERI for
its Board of Directors and senior management.

                                   ARTICLE VI
                     REPRESENTATIONS AND WARRANTIES OF TERI

       TERI hereby represents and warrants to FMER that:

                                        9
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6.01   ORGANIZATION AND QUALIFICATION. TERI is duly organized and validly
existing and is in good standing as a nonprofit corporation under the laws of
the Commonwealth of Massachusetts. TERI has the requisite power and authority
and all necessary governmental approvals to own, lease and operate its
properties and to carry on its business as it is now being conducted. TERI is
duly qualified or licensed to do business and is in good standing in each
jurisdiction where the character of the properties owned, or leased or operated
by it or the nature of its business makes such qualification or licensing
necessary.

6.02   AUTHORITY.

       (a)    TERI has all necessary corporate power and authority to execute
and deliver this Agreement and to perform its obligations under this Agreement.
The execution and delivery of this Agreement by TERI and the performance by TERI
of such obligations have been duly and validly authorized by all necessary
corporate action and no other corporate proceedings on the part of TERI are
necessary to authorize this Agreement or to perform such obligations. This
Agreement has been duly authorized and validly executed and delivered by TERI
and constitutes a legal, valid and binding obligation of TERI, enforceable
against TERI in accordance with its terms.

       (b)    The Board of Directors of TERI has (i) approved this Agreement,
(ii) acting through duly authorized committees, reviewed and analyzed all
information (including, without limitation, advice of counsel) that it has
deemed necessary in order to determine the appropriateness from TERI's point of
view of the transactions contemplated by this Agreement, and (iii) has declared
that this Agreement and the other transactions contemplated by this Agreement
are advisable and in the best interests of TERI. TERI shall provide to FMER a
Clerk's certificate attesting to the relevant board resolutions, the vote
approving each and any board minutes relating to the same.

6.03   NO CONFLICTS. Except as set forth on Schedule 6.03, the execution and
delivery of this Agreement by TERI do not, and the performance of this Agreement
by TERI will not:

       (a)    conflict with or violate any provision of TERI's certificate of
incorporation or bylaws;

       (b)    conflict with or violate any Laws applicable to TERI or by which
any property or asset of TERI is or may be bound or affected; or

       (c)    result in any breach of or constitute a default (or an event
which, with or without notice or lapse of time or both, would become a default)
under, or give to others any right of termination, amendment, acceleration or
cancellation of, or result in the creation of an encumbrance on any property or
asset of TERI under any note, bond, mortgage, indenture, contract, agreement,
commitment, lease, license, permit, franchise or other instrument or obligation,
to which TERI is a party or by which it or its assets or properties is or may be
bound or affected.

                                       10
<Page>

6.04   REQUIRED FILINGS AND CONSENTS. Except as set forth in Section 3.4 of the
Purchase and Sale Agreement, the execution and delivery of this Agreement by
TERI do not, and the performance of this Agreement by TERI will not, require any
consent, approval, authorization or permit of, or filing with or notification
to, any Governmental Authority.

6.05   PERMITS, COMPLIANCE WITH LAWS. TERI is in possession of all franchises,
grants, authorizations, licenses, permits, easements, variances, exceptions,
consents, certificates, approvals and orders of any Governmental Authority
necessary for TERI to own, lease and operate its properties or to carry on its
business as now being conducted (collectively, the "TERI Permits") (except such
TERI Permits the absence of which would not have a material adverse effect upon
the business or assets of TERI), and, as of the date of this Agreement, the
suspension or cancellation of any of the TERI Permits is not pending or, to the
knowledge of TERI, threatened. TERI is not in conflict with, or in default or
violation of (i) any laws applicable to TERI or by which any property or asset
of TERI is or may be bound or affected, or (ii) any TERI Permits.

6.06   LITIGATION. Except as set forth in Schedule 6.07 attached hereto, there
is no suit, claim, action, proceeding or investigation pending or, to the
knowledge of TERI, threatened against TERI before any court or administrative
agency or regulatory agency. TERI is not subject to an outstanding order,
written injunction or decree.

6.07   501(c)(3) STATUS. No action, suit, proceeding, investigation, audit,
claim or assessment is presently pending or, to the knowledge of TERI, proposed
with regard to the retention by TERI of its status as a tax-exempt entity under
Section 501(c)(3) of the Internal Revenue Code.

6.08   CONFLICTING AGREEMENTS. TERI is not a party to any contract which
purports to restrict or prohibit, in any respect, TERI from, directly or
indirectly, entering into and performing its obligations under this Agreement.
None of TERI's officers, directors or key employees is a party to any agreement
which, by virtue of such person's relationship with TERI, restricts in any
respect TERI from, directly or indirectly, entering into and performing its
obligations under this Agreement.

6.09   INFORMATION SHARING. For the limited purposes of providing FMER with
information necessary to perform the Services as set forth in this Agreement,
TERI has the legal authority to provide FMER with Servicing Information now or
hereafter in TERI's possession. The disclosure of Servicing Information by TERI
to FMER pursuant hereto will not conflict with any contractual or legal
obligation of TERI not to disclose such information or, to the extent such
disclosure does conflict with any such contractual obligation, TERI has obtained
the consent of all parties to such contract(s) to such disclosure. FMER's sole
remedy for breach of the foregoing representations and warranties contained in
this Section 6.09 shall be to seek indemnification in accordance with the terms
of Section 9.01(a)(ii).

                                       11
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                                   ARTICLE VII
                     REPRESENTATIONS AND WARRANTIES OF FMER

       FMER hereby represents and warrants to TERI, as follows:

7.01   ORGANIZATION AND QUALIFICATION. FMER (i) is duly organized and is validly
existing and in good standing under the laws of the State of Delaware, (ii) has
the requisite power and authority and all necessary governmental approvals to
own, lease and operate its properties and to carry on its business as it is now
being conducted, and (iii) is duly qualified or licensed to do business, and is
in good standing, in each jurisdiction where the character of the properties
owned, leased or operated by it or the nature of its business makes such
qualification or licensing necessary.

7.02   AUTHORITY. FMER has all the necessary power and authority to execute and
deliver this Agreement and to perform its obligations under this Agreement. The
execution and delivery of this Agreement by FMER and the performance by FMER of
its obligations hereunder have been duly and validly authorized by all necessary
corporate action and no other corporate proceedings on the part of FMER are
necessary to authorize this Agreement or to perform its obligations under this
Agreement. This Agreement has been duly authorized and validly executed and
delivered by FMER and constitutes a legal, valid and binding obligation of FMER
enforceable against FMER in accordance with its terms.

7.03   NO CONFLICTS. The execution and delivery of this Agreement by FMER does
not, and the performance of this Agreement by FMER will not:

       (a)    conflict with or violate any provision of FMER's certificate of
incorporation or bylaws;

       (b)    conflict with or violate any Laws applicable to FMER or by which
any property or asset of FMER is or may be bound or affected; or

       (iii)  result in any breach of or constitute a default (or an event
which, with or without notice or lapse of time or both, would become a default)
under, or give to others any right of termination, amendment, acceleration or
cancellation of, or result in the creation of an encumbrance on any property or
asset of FMER under, any contract to which FMER is a party or by which FMER or
its assets or properties is or may be bound or affected.

7.04   REQUIRED FILINGS AND CONSENTS. Except as set forth in Schedule 7.04
hereto, the execution and delivery of this Agreement by FMER do not, and the
performance of this Agreement by FMER will not, require any consent, approval,
authorization or permit of, or filing with, or notification to, any Governmental
Authority.

7.05   LITIGATION. There is no claim, action or proceeding pending or, to the
knowledge of FMER, threatened against FMER before any court or administrative or
regulatory body that, if adversely determined, individually or in the aggregate,
has resulted or could reasonably be

                                       12
<Page>

expected to result in an adverse effect on the performance by FMER of its
obligations under this Agreement. FMER is not subject to any outstanding order,
writ, injunction or decree which, individually or in the aggregate, has resulted
or could reasonably be expected to result in an adverse effect on the
performance by FMER of its obligations under this Agreement.

7.06   CONFLICTING AGREEMENTS. FMER is not a party to any contract which
purports to restrict or prohibit, in any respect, FMER from, directly or
indirectly, entering into and performing its obligations under this Agreement.
None of FMER's officers, directors or key employees is a party to any agreement
which, by virtue of such person's relationship with FMER, restricts in any
respect FMER from, directly or indirectly, entering into and performing its
obligations under this Agreement.

7.07   PERMITS, COMPLIANCE WITH LAW. Except as set forth in Schedule 7.07, FMER
is in possession of all franchises, permits, grants, authorizations, licenses,
easements, variances, exceptions, consents, certificates, approvals and orders
of any Governmental Authority necessary for FMER to own, lease and operate its
properties or to carry on its business and perform the Services (collectively,
the "FMER Permits"), except such FMER Permits, the absence of which would not
have a material adverse effect upon the business or assets of FMER, and, as of
the date of this Agreement, the suspension or cancellation of any of the FMER
Permits is not pending or, to the knowledge of FMER, threatened. FMER is not in
conflict with, or in default or violation of (i) any laws applicable to FMER or
by which any property or asset of FMER is bound or affected, or (ii) any FMER
Permits.

7.08   LICENSE APPLICATION. FMER applied for a License, duly submitting its
application on May 28, 2001.

                                  ARTICLE VIII
                              ADDITIONAL COVENANTS

8.01   COVENANTS OF TERI.

       (a)    MAINTAIN 501(c)(3) STATUS. TERI shall take all actions (if any)
necessary or appropriate to maintain its status as a tax-exempt organization
pursuant to Section 501(c)(3) of the Internal Revenue Code of the United States.
Such action shall include, without limitation, the maintenance of adequate staff
levels and expertise to supervise the activities of FMER under this Agreement.

       (b)    GOVERNMENTAL APPROVALS. TERI shall maintain all TERI Permits now
necessary for its business and shall obtain any TERI Permits that in the future
may become necessary to conduct its business as a loan guaranty agency.

       (c)    PERFORM GUARANTEE OBLIGATIONS. TERI shall perform each and all of
its obligations under each and every Loan Guarantee Agreement between TERI and
any Program Lender as currently performed, consistent with existing agreements
and courses of dealing.

                                       13
<Page>

       (d)    REGULATORY COMMUNICATIONS. TERI shall promptly forward to FMER any
notices, demands, reports or other communications from any Governmental
Authority having jurisdiction over TERI that in any way relate to or could
potentially affect any Program offered by TERI.

8.02   COVENANTS OF FMER.

       (a)    LICENSES AND PERMITS. FMC shall obtain and maintain all necessary
licenses and permits in order to perform its obligations under this Agreement.

       (b)    SERVICE PERFORMANCE STANDARDS.

       (i)    FMER shall provide the Services in accordance with the performance
              standards set forth in EXHIBIT C (the "Performance Standards").

       (ii)   FMER's failure to perform in accordance with the Performance
              Standards due to any event covered by Section 11.14(b) of this
              Agreement shall not be considered to be a failure for which FMER
              shall be responsible under this Section 8.02(b).

       (iii)  FMER shall report to TERI regarding its failure to satisfy any
              Performance Standard by the end of the third week following the
              end of the month in which the failure occurred for those
              performance standards having a monthly measuring time period as
              set forth on Exhibit C and by the end of the [**] the end of the
              quarter in which the failure occurred for those performance
              standards having a quarterly measuring period as set forth on
              Exhibit C (or, in any event as soon as such reports are available
              if available earlier). FMER shall include in such report (A) its
              diagnosis of the cause of such failure, and (B) a description of
              its plan for cure. FMER shall thereafter advise TERI weekly
              regarding the status of cure efforts.

       (iv)   FMER's overall satisfaction of the Performance Standards shall be
              judged by the aggregate time period when a material portion of the
              "sub indicators" shown on Exhibit C are out of specification.
              Specifically, if [**] percent ([**]%) or more of the sub
              indicators fail to meet the Performance Standard by more than the
              permitted variation for either: (a) a period of [**] consecutive
              months, or (b) more than [**] months in any [**] period, then
              Material Failure of Performance shall have occurred and TERI shall
              have the right to terminate under Section 10.02(b). In applying
              the foregoing standard, different sub indicators that are beyond
              permitted variation do not count toward the total of [**] percent
              ([**]%) in different months.

              For example, if all sub indicators in Criteria Categories 2 and 3
              (a total of 8) exceed permitted variation for [**] consecutive
              months but are "cured" in the [**] and all sub indicators in
              Criteria Categories 6 and 7 (a total of 8) exceed permitted
              variation in the next succeeding month, a Material Failure of
              Performance has not occurred.

                                       14
<Page>

8.03   COVENANTS OF FMC.

       (a)    PROVISION OF WORKING CAPITAL. FMC shall provide FMER with adequate
              working capital to perform the Services hereunder.

       (b)    FMC GUARANTY. FMC hereby guarantees the full and timely
              performance by FMER of its obligations pursuant to this Agreement.
              Such guarantee is primary and not secondary and it shall not be
              necessary, in order for TERI to enforce such guarantee, for TERI
              to institute suit or exhaust any remedies against FMER or make any
              claim or demand against FMER, before requiring performance by FMC
              hereunder.

8.04   LONG-TERM EXCLUSIVITY. During the term of this Agreement, TERI shall
obtain all Services from FMER, and shall not provide such services for itself or
obtain such Services from any other servicer. During the term of this Agreement,
FMER shall not provide the Services or any similar services to any other
guarantor of education loans.

                                   ARTICLE IX
                                 INDEMNIFICATION

9.01   INDEMNIFICATION.

       (a)    TERI will indemnify, defend and hold harmless FMER and FMC from
and against any and all claims, demands or suits (by any person or entity),
losses, liabilities, damages (but excluding any consequential, special,
indirect, punitive or incidental damages), obligations, payments, costs and
expenses (including, without limitation, the costs and expenses of any and all
actions, suits, proceedings, assessments, judgments, settlements and compromises
relating thereto and reasonable attorneys' fees and reasonable disbursements in
connection therewith) to the extent the foregoing are not covered by insurance
(each, an "Indemnifiable Loss"), asserted against FMER or FMC by an unrelated
third party relating to, resulting from or arising out of any breach by TERI of
any representation, warranty, covenant or agreement (without regard to any
qualifications with respect to materiality contained therein) contained in this
Agreement; PROVIDED, HOWEVER, (i) that in the case of any Indemnifiable Loss
arising under this Section 9.01(a), no amounts shall be due and payable until
and unless the aggregate amount of such Indemnifiable Losses is equal to $50,000
or more (when aggregated with Indemnifiable Loss under the Marketing Services
Agreement), at which point such indemnification shall relate to all
Indemnifiable Losses; and PROVIDED, FURTHER, (ii) that FMER shall be entitled to
indemnification without regard to such minimum amount in the event that any
Program Lender asserts any claim that this Agreement or performance hereunder
violates a contractual right of such Program Lender to designate data as
confidential, which right is first exercised after the date hereof (a "Contract
Claim"), in which case the following procedure shall apply:

                                       15
<Page>

       (A)    TERI may elect to terminate its contract with the Program Lender,
              if such termination would moot any claim against FMER or FMC
              asserted by the Program Lender, or

       (B)    TERI may elect to indemnify FMER for the costs of defending the
              claim, in which event TERI shall reimburse FMER for 50% of the
              costs of litigation, but not more than $100,000, with respect to
              defense of such claim. The foregoing limitation shall not apply to
              any loss or cost of any judgment actually entered against FMER or
              FMC, which loss or cost shall be subject to the general minimum
              amount of $50,000 set forth above. The availability of defense
              costs under this provision shall not restrict FMER's general
              rights under this indemnity should losses as a result of a
              Contract Claim exceed such minimum amount.

       (b)    FMER will indemnify, defend and hold harmless TERI from and
against any and all Indemnifiable Losses asserted against TERI by an unrelated
third party relating to, resulting from or arising out of any breach by FMER or
FMC of any representation, warranty, covenant or agreement contained in this
Agreement; PROVIDED, HOWEVER, that in the case of any Indemnifiable Loss arising
under this Section 9.01(b), no amounts shall be due and payable until and unless
the aggregate amount of such Indemnifiable Losses is equal to $50,000 or more
(when aggregated with Indemnifiable Losses under the Marketing Services
Agreement), at which point such indemnification shall relate to all
Indemnifiable Losses.

       (c)    Any Person entitled to receive indemnification under this
Agreement (an "Indemnitee") having a claim under these indemnification
provisions shall make a good faith effort to recover all losses, damages, costs
and expenses from insurers of such Indemnitee under applicable insurance
policies so as to reduce the amount of any Indemnifiable Loss hereunder. The
amount of any Indemnifiable Loss shall be reduced (i) to the extent that
Indemnitee receives any insurance proceeds with respect to an Indemnifiable Loss
and (ii) to take into account any net tax benefit recognized by the Indemnitee
arising from the recognition of the Indemnifiable Loss and any payment actually
received with respect to an Indemnifiable Loss.

       (d)    The expiration, termination or extinguishment of any covenant or
agreement shall not affect the parties' obligations under this Section 9.01 if
the Indemnitee provided the person required to provide indemnification under
this Agreement (the "Indemnifying Party") with proper notice of the claim or
event for which indemnification is sought prior to such expiration, termination
or extinguishment.

       (e)    Any claim under this Section 9.01 must be brought within two (2)
years after termination of this Agreement.

       (f)    The rights and obligations of indemnification under this
Section 9. 01 shall not be limited or subject to set-off based on any violation
or alleged violation of any obligation under this Agreement or otherwise,
including but not limited to breach or alleged breach by the Indemnitee of any
representation, warranty, covenant or agreement contained in this Agreement.

                                       16
<Page>

9.02.  DEFENSE OF CLAIMS.

       (a)    If any Indemnitee receives notice of the assertion of any claim
or of the commencement of any claim, action, or proceeding made or brought by
any person who is not a party to this Agreement or any Affiliate of a party to
this Agreement (a "Third Party Claim") with respect to which indemnification is
to be sought from an Indemnifying Party, the Indemnitee will give such
Indemnifying Party reasonably prompt written notice thereof, but in any event
not later than ten (10) days after the Indemnitee's receipt of notice of such
Third Party Claim. Such notice shall describe the nature of the Third Party
Claim in reasonable detail and will indicate the estimated amount, if
practicable, of the Indemnifiable Loss that has been or may be sustained by the
Indemnitee. The Indemnifying Party will have the right to participate in or, by
giving written notice to the Indemnitee, to elect to assume the defense of any
Third Party Claim at such Indemnifying Party's own expense and by such
Indemnifying Party's own counsel, and the Indemnitee will cooperate in good
faith in such defense at such Indemnitee's own expense.

       (b)    If within ten (10) days after an Indemnitee provides written
notice to the Indemnifying Party of any Third Party Claim, the Indemnitee
receives written notice from the Indemnifying Party that such Indemnifying Party
has elected to assume the defense of such Third Party Claim as provided in the
last sentence of Section 9.02(a), the Indemnifying Party will not be liable for
any legal expenses subsequently incurred by the Indemnitee in connection with
the defense thereof; PROVIDED, HOWEVER, that if the Indemnifying Party fails to
take reasonable steps necessary to defend diligently such Third Party Claim
within twenty (20) days after receiving notice from the Indemnitee that the
Indemnitee believes the Indemnifying Party has failed to take such steps, the
Indemnitee may assume its own defense, and the Indemnifying Party will be liable
for all reasonable expenses thereof. Without the prior written consent of the
Indemnitee, the Indemnifying Party will not enter into any settlement of any
Third Party Claim which would lead to liability or create any financial or other
obligation on the part of the Indemnitee for which the Indemnitee is not
entitled to indemnification hereunder. If a firm offer is made to settle a Third
Party Claim without leading to liability or the creation of a financial or other
obligation on the part of the Indemnitee for which the Indemnitee is not
entitled to indemnification hereunder, the Indemnifying Party may accept and
agree to such offer, and shall give written notice to the Indemnitee to that
effect.

       (c)    [Intentionally omitted.]

       (d)    If the amount of any Indemnifiable Loss, at any time subsequent to
the making of an indemnity payment in respect thereof, is reduced by recovery,
settlement or otherwise under or pursuant to any insurance coverage, or pursuant
to any claim, recovery, settlement or payment by or against any other entity,
the amount of such reduction, less any costs, expenses or premiums incurred in
connection therewith (together with interest thereon from the date of payment
thereof at the prime rate then in effect of Bank of America, N.A. or its
successor), will promptly be repaid by the Indemnitee to the Indemnifying Party.
Upon making any indemnity payment, the Indemnifying Party will, to the extent of
such indemnity payment, be subrogated to all rights of the Indemnitee against
any third party in respect of the Indemnifiable Loss to which the indemnity
payment relates; PROVIDED, HOWEVER, that (i) the Indemnifying Party will then be
in

                                       17
<Page>

compliance with its obligations under this Agreement in respect of such
Indemnifiable Loss and (ii) until the Indemnitee recovers full payment of its
Indemnifiable Loss, any and all claims of the Indemnifying Party against any
such third party on account of said indemnity payment is hereby made expressly
subordinated and subjected in right of payment to the Indemnitee's rights
against such third party. Without limiting the generality or effect of any other
provision hereof, each such Indemnitee and Indemnifying Party will duly execute
upon request all instruments reasonably necessary to evidence and perfect the
above-described subrogation and subordination rights. Nothing in this Section
9.02(d) shall be construed to require any party hereto to obtain or maintain any
insurance coverage.

       (e)    Subject to Section 9.01(a) and 9.01(b) hereof, a failure to give
timely notice as provided in this Section 9.02 will not affect the rights or
obligations of any party hereunder except if, and only to the extent that, as a
result of such failure, the party which was entitled to receive such notice was
actually prejudiced as a result of such failure.

                                    ARTICLE X
                           RELATIONSHIP OF THE PARTIES

10.01  TERM AND TERMINATION. This Agreement shall have a term of five (5) years,
commencing on the date first set forth above. Either party may renew this
Agreement for one, five-year renewal term by delivery of written notice to the
other party not less than sixty (60) days prior to the expiration date of this
Agreement, PROVIDED, HOWEVER, that such renewal shall not be effective unless:

       (i)    TMSI also renews the Marketing Services Agreement; and

       (ii)   FMC also renews this Agreement, the Master Loan Guaranty
              Agreement, and the Marketing Services Agreement.

10.02  TERMINATION FOR CAUSE.

       (a)    TERMINATION OF MASTER LOAN GUARANTY AGREEMENT. If the Master Loan
Guaranty Agreement between TERI and The First Marblehead Corporation, dated as
of February 2, 2001, shall have been terminated for cause under Section 8.03
thereof, then in the case of termination of such agreement by FMC, FMER or FMC
may terminate this Agreement and in the case of termination of such agreement by
TERI, then TERI may terminate this Agreement. In either case, termination of
this Agreement must be by written notice delivered within thirty (30) days of
termination of the Master Loan Guaranty Agreement.

       (b)    TERMINATION FOR FAILURE TO CONFORM TO SERVICING STANDARDS. In the
event of a Material Failure of Performance Standards as defined in Section
8.02(b)(iv), TERI may terminate this Agreement upon thirty (30) days' written
notice.

       (c)    TERMINATION FOR CAUSE BY EITHER PARTY. In the event that either
party shall materially breach its obligations under this Agreement (other than a
breach subject to Section

                                       18
<Page>

10.02(b) hereof) and shall fail to cure such breach within thirty (30) days
after written notice and demand for such cure, or in the event that any
representation or warranty of such party contained herein was materially
incorrect when given, then the other party may, upon thirty (30) days' written
notice, terminate this Agreement.

       (d)    TERMINATION IN THE EVENT OF BANKRUPTCY. In the event that either
party becomes a debtor in any proceeding under the U.S. Bankruptcy Code or in
any similar state insolvency or reorganization proceeding, then this Agreement
shall terminate, at the option of the other party, without further notice
(except where notice is permitted by applicable bankruptcy law without court
approval, in which case the terminating party shall deliver written notice of
termination).

10.03  EFFECT OF TERMINATION.  Upon termination of this Agreement by either
party:

       (a)    Neither party shall be excused from performing any obligation or
paying any monies due or earned prior to the effective date of termination.

       (b)    The provisions of Sections 9.01, 9.02, and all of Article XI shall
remain in full force and effect notwithstanding termination.

       (c)    In the case of termination by TERI pursuant to Section 10.02(b) or
10.02(c), FMER shall continue to provide Services, in conformity with the
Performance Standards, and assistance in transitioning the Services to a new
servicer for up to six (6) months, for consideration at the same rates set forth
in Article III of this Agreement. In addition, if such a termination occurs at a
time when Section 9.2 of the Purchase and Sale Agreement does not apply, FMER
shall grant TERI a nonexclusive license to use certain software then in use by
FMER, on the following terms and conditions:

              (i)    The license shall apply to the proprietary software
purchased by FMER from TERI under the Purchase and Sale Agreement that has the
functionality generally described in Schedule 10.03(c) attached hereto, with all
enhancements to such software, to the extent necessary to perform the functions
described in Schedule 10.03(c) and such additional similar or related functions
as FMER may have added by enhancement of the software described in such Schedule
10.03(c);

              (ii)   FMER shall be entitled to receive a fair market value
license fee, determined in part based on the value of the software when
purchased from TERI plus the value of all enhancements purchased by FMER, but
excluding the value of enhancements to the extent TERI reimbursed FMER for the
cost thereof under this Agreement;

              (iii)  Such license shall be subject to and conditioned upon the
proprietary rights of any third party in any such enhancements, and TERI shall
be responsible for the cost to obtain the consent of any such third party (other
than an affiliate of FMER) to such license;

              (iv)   Such license shall be nonexclusive and perpetual;

                                       19
<Page>

              (v)    Such license shall be without representation, warranty or
indemnity, other than warranty of title (subject to the consent of third parties
referred to above);

              (vi)   Such license shall contain other reasonable and customary
terms consistent with the foregoing, as FMER and TERI may require.

       In the event that the parties are unable to agree upon the terms of the
license, they shall submit the matters on which they cannot agree to arbitration
pursuant to Section 11.11 hereof.

                                   ARTICLE XI
                                  MISCELLANEOUS

11.01  COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each such counterpart being deemed to be an original instrument,
and all such counterparts shall together constitute the same agreement.

11.02  GOVERNING LAW. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL
RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH
THE LAW OF THE COMMONWEALTH OF MASSACHUSETTS WITHOUT REGARD TO CONFLICT OF LAW
PRINCIPLES.

11.03  NOTICES. All notices given by any party to the other under this Agreement
shall be in writing and shall be delivered personally, by electronic record, as
herein defined, by overnight courier, prepaid, or by depositing the same in the
United States mail, certified, return receipt requested, with postage prepaid,
addressed to the party at the address set forth below. Any party may change the
address to which notices are to be sent by notice of such change to the other
party given as provided herein. Such notices shall be effective on the date
received. Notice shall be given as follows:

       If to FMER:

       Ralph James
       The First Marblehead Corporation
       30 Little Harbor
       Marblehead, MA  01945
       Phone: (800) 895-4283
       Fax: (781) 639-4583
       E-Mail: rjames@gateloan.com

       With a copy to:
       Richard P. Hackett, Esq.
       Pierce Atwood
       One Monument Square
       Portland, Me 04101
       Phone: 207-791-1280

                                       20
<Page>

       Fax:  207-791-1350
       E-Mail:  rhackett@pierceatwood.com

       If to TERI:

       Thomas Parker
       President and Chief Executive Officer
       The Education Resources Institute
       330 Stuart Street
       Boston, MA 02116
       Phone: 617-426-0681
       Fax: 617-422-8880
       E-Mail: parker@teri.org

       With a copy to:
       Richard A. Wiley, Esq.
       Hill & Barlow, A Professional Corporation
       One International Place
       Boston, MA 02110-2600
       Phone: 617 428-3000
       Fax: 617 428-3500
       E-Mail: rwiley@hillbarlow.com

11.04  ENTIRE AGREEMENT. This Agreement (including any exhibits and schedules to
this Agreement) constitutes the entire agreement among the parties with respect
to the subject matter hereof and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the
parties, with respect to the subject matter of this Agreement.

11.05  NO THIRD PARTY BENEFICIARIES. This Agreement is not intended to confer
upon any person other than the parties to this Agreement any rights or remedies
under this Agreement.

11.06  AMENDMENT. This Agreement may be amended by the parties to this Agreement
only by a writing executed by their duly authorized representatives with the
requisite formalities.

11.07  WAIVER. Any party to this Agreement may (a) extend the time for the
performance of any obligation or other act of any other party to this Agreement,
(b) waive any inaccuracy in the representations and warranties contained in this
Agreement or in any document delivered pursuant to this Agreement, and (c) waive
compliance with any agreement or condition contained in this Agreement. Any such
extension or waiver shall be valid only if set forth in an instrument in writing
signed by the party or parties to be bound thereby.

11.08  SEVERABILITY. The provisions of this Agreement shall be deemed severable
and the invalidity or unenforceability of any provision shall not affect the
validity or enforceability of the other provisions of this Agreement. If any
provision of this Agreement, or the application of that provision to any person
or any circumstance, is invalid or unenforceable, (a) a suitable and

                                       21
<Page>

equitable provision shall be substituted for that provision in order to carry
out, so far as may be valid and enforceable, the intent and purpose of the
invalid or unenforceable provision and (b) the remainder of this Agreement and
the application of the provision to other persons or circumstances shall not be
affected by such invalidity or unenforceability, nor shall such invalidity or
unenforceability affect the validity or enforceability of the provision, or the
application of that provision, in any other jurisdiction.

11.09  INTERPRETATION. The headings in this Agreement are for convenience of
reference only, do not constitute part of this Agreement and shall not be deemed
to limit or otherwise affect any of the provisions of this Agreement. Where a
reference in this Agreement is made to a Section, exhibit or schedule, that
reference shall be to a Section of or exhibit or schedule to this Agreement
unless otherwise indicated. Neither party shall be deemed the drafter of this
Agreement or any of the exhibits hereto, which Agreement and exhibits are the
product of detailed, arms' length negotiations between the parties and their
respective counsel.

11.10  ASSIGNMENT. This Agreement may not be assigned by either party without
the express written consent of the other party, which consent shall not be
unreasonably withheld. Any purported assignment in violation of this provision
shall be ineffective and void. The foregoing restriction shall not apply to a
merger, consolidation or other transfer by operation of law, nor to any change
in the equity ownership or control of either party. FMER shall have the right to
subcontract the Services, subject to TERI's reasonable approval of the financial
and technical capability of the subcontractor to provide the subcontracted
Services and the absence of conflict between such subcontracts and TERI's
contractual obligations. FMER shall require any subcontractor to agree to the
confidentiality provisions contained in Section 11.15. No such subcontracting
shall relieve FMER of its obligations under this Agreement, and any breach or
material failure of performance of this Agreement by a subcontractor (including,
without limitation, any failure of a subcontractor to satisfy the Performance
Standards) shall be deemed to be a breach or material failure of performance by
FMER.

11.11  ARBITRATION. In the event of any dispute between TERI and FMER relating
to the proper determination of Transferred Costs under Article III or necessary
modifications to the Performance Standards under Exhibit C or the terms of a
license under Section 10.03(c), TERI and FMER agree that such dispute shall be
resolved by means of arbitration in accordance with the commercial arbitration
rules of the American Arbitration Association ("AAA"), and judgment upon the
award rendered by the arbitrator(s) may be entered in any court of competent
jurisdiction. Such arbitration shall proceed in Boston, Massachusetts and shall
be governed by Massachusetts law. In any dispute between the parties that is
subject to arbitration hereunder, where the aggregate of all claims and the
aggregate of all counterclaims each is an amount less than $250,000, the
arbitration shall be heard by one arbitrator to be selected by mutual agreement
of the parties. In the event the parties are unable to agree on an arbitrator
within thirty (30) days, the arbitration shall be heard by one arbitrator
appointed by the AAA. If the aggregate amount of the claims or counterclaims
exceeds $250,000, the arbitration shall be heard by a panel of three
arbitrators, to be selected as follows: TERI and FMER shall each select one
arbitrator, and the arbitrators so selected shall select a third arbitrator by
mutual agreement. In the event the arbitrators selected by the parties are
unable to agree on the third arbitrator within thirty (30)

                                       22
<Page>

days, the third arbitrator shall be appointed by the AAA. The arbitrator(s)
hearing any arbitration pursuant to this Section 11.11 shall have substantial
experience in the area of consumer loan origination, debt collection and
guaranty processing and claims administration, and shall otherwise be qualified
to address the issues presented competently. The arbitration decision shall be
binding upon TERI, FMER and FMC. In the event a party, having been given notice
and opportunity, fails or refused to appear or participate in an arbitration or
in any stage of the arbitration, the proceedings will nevertheless be conducted
to conclusion and final award. Any award rendered under such circumstances will
be as valid and enforceable as if both parties had appeared and participated
fully at all stages. Depositions may be taken and other discovery obtained
during such arbitration proceedings to the same extent as authorized in civil
judicial proceedings in the Commonwealth of Massachusetts. The arbitrator(s)
shall be limited to awarding compensatory damages and shall have no authority to
award punitive, exemplary or similar type damages. The prevailing party in the
arbitration proceeding shall be entitled to recover its expenses including the
costs of the arbitration proceeding, expert witness fees and reasonable
attorneys' fees.

11.12  REMEDIES. Subject to the terms of this Agreement, the parties will be
entitled to enforce their rights under this Agreement specifically (without
posting a bond or other security), to recover damages by reason of any breach of
any provision of this Agreement and to exercise all other rights existing in
their favor. The parties hereto agree and acknowledge that money damages may not
be an adequate remedy for any breach of the provisions of this Agreement and
that any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction for specific performance and/or injunctive relief in
order to enforce or prevent any violation of the provisions of this Agreement.
In the event of any dispute involving the terms of this Agreement, the
prevailing party shall be entitled to collect reasonable fees and expenses
incurred by the prevailing party in connection with such dispute from the other
parties to such dispute.

11.13  FURTHER ASSURANCES. On and after the date hereof, each of TERI, FMER and
FMC shall: (i) cooperate with the other in good faith to give effect to the
terms hereof and execute, acknowledge and deliver all such acknowledgments,
documents and other instruments; and (ii) take such further action as any party
may reasonably request to enable such party to exercise its rights or perform
its obligations under, or to fully and completely effectuate, the terms,
conditions and intent of this Agreement.

11.14  FORCE MAJEURE AND RESTRICTED PERFORMANCE.

       (a)    If performance by TERI of any obligation under this Agreement is
prevented, restricted, delayed or interfered with by reason of labor disputes,
strikes, acts of God, floods, lightning, severe weather, shortages of materials,
rationing, utility or communication failures, failure or substantial delay in
receiving electronic data, earthquakes, war, revolution, civil commotion, acts
of public enemies, blockade, embargo or any other FORCE MAJEURE which is or are
beyond the reasonable control of TERI, TERI shall provide written notice to FMER
identifying the cause of the prevention, restriction, delay or interference and
TERI shall be excused from the performance to the extent of the prevention,
restriction, delay or interference, so long as TERI is

                                       23
<Page>

taking reasonable action to accomplish such performance as promptly as possible
under the circumstances.

       (b)    If performance by FMER of any service or obligation under this
Agreement is prevented, restricted, delayed or interfered with by reason of
labor disputes, strikes, acts of God, floods, lightning, severe weather,
shortages or materials, rationing, utility or communication failures, failure or
substantial delay in receiving electronic data, earthquakes, war, revolution,
civil commotion, acts of public enemies, blockade, embargo, other FORCE MAJEURE
which is or are beyond the reasonable control of FMER, FMER shall be excused
from the performance to the extent of the prevention, restriction, delay or
interference, so long as it is taking reasonable actions to accomplish such
performance as promptly as possible under the circumstances.

11.15  CONFIDENTIALITY AND RESTRICTIONS ON USE OF INFORMATION, FIREWALL.

       (a)    TERI and FMER each acknowledge that in the course of the
operations contemplated by this Agreement, and in the course of communications
relative to this Agreement, it has received and will receive information
concerning the other's finances, business plans, business methods, and the like
that is not generally known in the student loan industry ("Confidential
Information"). Each party will respect and use all reasonable efforts to
maintain the confidentiality of the other's Confidential Information unless and
until such information becomes generally known through no fault of the receiving
party.

       (b)    In accordance with the provisions of Title V of the
Gramm-Leach-Bliley Act (the "GLB Act") and Federal Reserve Board Regulation P
("Regulation P"), FMER agrees to respect and protect the security and
confidentiality of any "nonpublic personal information" (as defined in the GLB
Act and Regulation P) it receives from TERI including, where applicable, the
restrictions on the re-use and disclosure of such information set forth in the
GLB Act and Regulation P.

       (c)    FMER agrees to use all information it receives from TERI
concerning Program loans and borrowers including, without limitation, nonpublic
personal information described in Section 11.15(b) and all Servicing
Information, solely for purposes of providing the Services and not to disclose
the same to any Person except (i) as necessary to perform the Services, and (ii)
only subject to a confidentiality agreement. In particular and not by way of
limitation, FMER shall establish clear policies and procedures to prevent the
disclosure of Servicing Information to FMC. Such policies shall restrict
disclosures to FMC solely to the Delivered Database as defined in the Database
Sale and Supplementation Agreement of even date herewith among TERI, FMER and
FMC. FMC agrees to be bound by the restrictions contained in this Section 11.15.

11.16  ELECTRONIC RECORDS AND SIGNATURES. The parties intend that reasonably
reliable electronic records and signatures shall be binding upon the parties in
accordance with the provisions of the Federal Electronic Signatures in Global
and National Commerce Act. The parties agree that records and signatures
transmitted by facsimile when bearing the routing information and imprints
ordinarily provided by such technology, shall constitute binding records and
signatures upon the parties. Either party may, in any facsimile, expressly rebut
the binding effect of such

                                       24
<Page>

communication, but such exclusion from this Section shall only apply to that
particular facsimile transmission. The parties further agree that a notice under
Section 11.03 may be given by e-mail and shall constitute a writing. The parties
further agree that e-mail, voice mail or other recording of voices shall not
constitute an electronic signature for purposes of the parties' transactions
under this Agreement. Finally, other forms of electronic record and signature
may be adopted by the parties by subsequent agreement from time to time.

       IN WITNESS WHEREOF, TERI and FMER have executed this Agreement as of the
date first above written.

                                     THE EDUCATION RESOURCES INSTITUTE, INC.

                                     By: /s/ Thomas D. Parker
                                        --------------------------------
                                     Print Name: Thomas D. Parker
                                                ------------------------
                                     Title: President & CEO
                                           -----------------------------

                                     FIRST MARBLEHEAD EDUCATION RESOURCES, INC.

                                     By: /s/ Ralph M. James
                                        --------------------------------
                                     Print Name: Ralph M. James
                                                ------------------------
                                     Title: President
                                           -----------------------------

                                     THE FIRST MARBLEHEAD CORPORATION

                                     By: /s/ Ralph M. James
                                        --------------------------------
                                     Print Name: Ralph M. James
                                                ------------------------
                                     Title: Senior VP and COO
                                           -----------------------------

                                       25
<Page>

                             Schedules 7.04 and 7.07

Small Loan Company License from the Massachusetts Division of Banks, pursuant to
M.G.L. Chapter 140, sections 96-114A and 209 C.M.R. 12.00 (the "License").

FMER has applied for the License. Pending its issuance, certain personnel will
remain in the employment of TERI, as more fully set forth in the Amendment to
Master Servicing Agreement of even date herewith. The arrangements described in
said Amendment shall not be deemed a breach of the representation contained in
Section 7.07.

                                       26
<Page>

                 SCHEDULE 10.03(c) TO MASTER SERVICING AGREEMENT

                              TERI CREATED SOFTWARE

WEB APPLICATION ENTRY - ability to apply for TERI Alternative loans through
TERI's Website.

WEB ONLINE STATUS - ability to review the status of a TERI loan application
through TERI's Website

WEB ONLINE SCHOOL CERTIFICATION - ability for schools to provide the school
specific information through TERI's Website.

WEB APPLICATION QUALIFICATION - databases that supports our Application
Qualification matrix that determines the type of TERI originated product
applicant is eligible for.

GUARANTEE SYSTEM - A set of files that contain all the loans that TERI has
guaranteed.

INTERFACES:

     -  Process that takes records from our CreditScoring Databases and writes
        them to an Internal AS400 file

     -  Process that creates daily transaction files to be sent to our ALE loan
        origination system

     -  Process that allows parameters to be entered that will select Pre-Claim
        records to be outsourced to Collection agencies

     -  Process that allows payment files be received from Collection agencies
        to be applied to Default accounts

                                       27
<Page>

   -   TABLE OF EXHIBITS

Exhibit A - List of TERI Marks

Exhibit B - Services

Exhibit C - Performance Standards

Exhibit D - Customer Contact Employees

                                       28
<Page>

                                    EXHIBIT A

                               LIST OF TERI MARKS

THE FEDERALLY REGISTERED TRADEMARKS AND SERVICE MARKS LISTED BELOW.

<Table>
<Caption>
                                 REGISTRATION                   DATE OF       REGISTRATION       RENEWAL
MARK                                 NO.            CLASS      FIRST USE          DATE            DATE
<S>                                <C>                <C>       <C>              <C>           <C>
CONNECTED                          1,908,878          41        4/10/93          8/1/95         8/1/2000-

                                                                                                8/1/2001

HIGHER EDUCATION                   2,035,326          16          4/84           2/4/97         2/4/2002-
INFORMATION CENTER
                                                                                                2/4/2003

HIGHER EDUCATION                   2,035,325          42          4/84           2/4/97         2/4/2002-
INFORMATION CENTER
                                                                                                 2/4/2003

TERI                               1,487,085          37        8/16/85          5/3/88           Filed
                                                                                                 Accepted

                                   1,497,032          36         6/3/86          7/19/88        Lapsed (No
                                                                                               longer used)
THE EDUCATION RESOURCES            1,487,086          36        8/16/85          5/3/88           Filed
INSTITUTE                                                                                        Accepted
</Table>

THE COMMON LAW TRADEMARKS AND SERVICE MARKS, INCLUDING BUT NOT LIMITED TO:

ALP

CEL

Dual Loan

Health Professional Plan

PEP

PharmD

PLEASE

                                       29
<Page>

                                    EXHIBIT B

                                    SERVICES

In connection with servicing the Programs, FMER shall perform substantially the
same scope of services presently performed by TERI employees in all of the Cost
Centers set forth in Section 3.02, EXCEPT THAT the in-house attorney employed by
TERI to conduct collections with respect to bankrupt borrowers, and his
principal assistant (the "Bankruptcy Collectors") shall remain TERI employees
and shall be responsible for all direct contact with such borrowers in
connection with collection of TERI's claim against such borrowers. FMER will
provide office space and office support for the Bankruptcy Collectors to the
full extent it may do so without becoming licensable as a collection agency
under Massachusetts law.

                                       30
<Page>

                                    EXHIBIT C

                              PERFORMANCE STANDARDS

FMER PERFORMANCE:

While the Agreement is in effect, FMER shall at all times maintain the necessary
telephone lines, computer capacity and staff necessary to provide the Services
in accordance with the performance standards set forth in this EXHIBIT C (the
"Performance Standards"). On an annual basis and/or in the event that either
party reasonably anticipates an increase of more than [**] percent ([**]%) of
volume of Services, FMER and TERI will review whether it is appropriate to
change, substitute, amend, add or delete any Performance Standard. With respect
to any proposed modification, the parties shall meet and negotiate in good faith
to determine a mutually satisfactory resolution to any proposed modification
based on all relevant business factors, including, without limitation:

-   Changes in the business requirements of TERI;
-   Improvements and efficiencies in technology and in industry practice;
-   Changes in the U.S. economy affecting Borrower ability to pay, recovery
    rates and default aversion;
-   Projected changes in volume of Services.

In the event that either party delivers to the other a written notice of impasse
with respect to a proposed modification to a Performance Standard after not less
than three meetings to discuss such proposal, then the party delivering such
notice may demand arbitration of the proposal under Section 11.11. Pending the
outcome of arbitration, existing Performance Standards shall continue to apply.
The arbitrator shall have the authority to approve or deny, in whole or in part,
the proposed modification, based on the foregoing standards, together with
then-current industry practice. Any change in a Performance Standard requested
by TERI and approved by the arbitrator that would increase cost to FMER by more
than $[**] may be the subject of an interim budget review request under Section
3.02(e)(iii).

                                       31
<Page>

The Performance Standards appear in the following chart:
       PERFORMANCE STANDARDS

<Table>
<Caption>
                                                                       PERFORMANCE         TESTING          PERMITTED
    CRITERIA CATEGORY            "SUB INDICATORS"      MEASURE           STANDARD        TIME PERIOD     VARIATION (+/-)
------------------------------------------------------------------------------------------------------------------------
<S>                              <C>               <C>               <C>               <C>               <C>
1.  LOAN ORIGINATION             a.[**]            [**]                    [**]        [**]              [**]
                                 b.[**]            [**]                    [**]        [**]              [**]
                                 c.[**]            [**]                    [**]        [**]              [**]
                                 d.[**]            [**]                    [**]        [**]              [**]
                                 e.[**]            [**]                    [**]        [**]              [**]
                                 f.[**]            [**]                    [**]        [**]              [**]
------------------------------------------------------------------------------------------------------------------------

2.  QC & PM                      a.[**]            [**]                    [**]        [**]              [**]
                                 b.[**]            [**]                    [**]        [**]              [**]
                                 c.[**]            [**]                    [**]        [**]              [**]
                                 d.[**]            [**]                    [**]        [**]              [**]
                                 e.[**]            [**]                    [**]        [**]              [**]
------------------------------------------------------------------------------------------------------------------------

3.  CUSTOMER SERVICE             a.[**]                                    [**]        [**]              [**]
                                 b.[**]                                    [**]        [**]              [**]
                                 c.[**]                                    [**]        [**]              [**]

------------------------------------------------------------------------------------------------------------------------

4.  CLAIMS REVIEW                a.[**]            [**]                    [**]        [**]              [**]
------------------------------------------------------------------------------------------------------------------------

5. DEFAULT PREVENTION            a.[**]            [**]                    [**]%       [**]              [**]%
========================================================================================================================

6. RECOVERY                                        [**]
                                 a.    Q1                            $     [**]        [**]              [**]%
                                 b.    Q2                            $     [**]        [**]              [**]%
                                 c.    Q3                            $     [**]        [**]              [**]%
                                 d.    Q4                            $     [**]        [**]              [**]%
                                                                     $     [**]        [**]              [**]%
                                 e.[**]            Yearly                  [**]%       [**]              [**]%
------------------------------------------------------------------------------------------------------------------------

7. MANAGEMENT REPORTS            a.[**]            [**]              [**]              [**]              [**]
                                 b.[**]            [**]              [**]              [**]              [**]
                                 c.[**]            [**]              [**]              [**]              [**]
------------------------------------------------------------------------------------------------------------------------

* Exceptions                     * [**]
                                 * [**]
                                 * [**]

<Caption>
                                                    CURRENT PERIOD         1999             2000
    CRITERIA CATEGORY            "SUB INDICATORS"      AVERAGE           AVERAGE           AVERAGE
------------------------------------------------------------------------------------------------------
<S>                              <C>               <C>               <C>               <C>
1.  LOAN ORIGINATION             a.[**]             [**]              [**]              [**]
                                 b.[**]             [**]              [**]              [**]
                                 c.[**]             [**]              [**]              [**]
                                 d.[**]             [**]              [**]              [**]
                                 e.[**]             [**]              [**]              [**]
                                 f.[**]             [**]              [**]              [**]
------------------------------------------------------------------------------------------------------

2.  QC & PM                      a.[**]             [**]              [**]              [**]
                                 b.[**]             [**]              [**]              [**]
                                 c.[**]             [**]              [**]              [**]
                                 d.[**]             [**]              [**]              [**]
                                 e.[**]             [**]              [**]              [**]
------------------------------------------------------------------------------------------------------

3.  CUSTOMER SERVICE             a.[**]             [**]              [**]              [**]
                                 b.[**]             [**]              [**]              [**]
                                 c.[**]             [**]              [**]              [**]

------------------------------------------------------------------------------------------------------

4.  CLAIMS REVIEW                a.[**]             [**]              [**]              [**]
------------------------------------------------------------------------------------------------------

5. DEFAULT PREVENTION            a.[**]             [**]              [**]              [**]
======================================================================================================

6. RECOVERY
                                 a.    Q1
                                 b.    Q2
                                 c.    Q3
                                 d.    Q4
                                                   $[**]             $[**]             $[**]
                                 e.[**]             [**]              [**]%             [**]%
------------------------------------------------------------------------------------------------------

7. MANAGEMENT REPORTS            a.[**]             [**]              [**]              [**]
                                 b.[**]             [**]              [**]              [**]
                                 c.[**]             [**]              [**]              [**]
------------------------------------------------------------------------------------------------------

* Exceptions                     * [**]
                                 * [**]
                                 * [**]
</Table>

                                       32
<Page>

                                    EXHIBIT D

                           CUSTOMER CONTACT EMPLOYEES

       Customer Contact Employees are those employees on the following roster
who have the word "Delay" 3 columns to the right of their last names.

TERI TO FMER EMPLOYEE LISTING

<Table>
<Caption>
                                                "DEAR"
FIRST NAME            LAST NAME                 NAME              DEPARTMENT
<S>                   <C>                       <C>               <C>                              <C>
Irma C.               Balfour                   Irma              Customer Service                 Delay
Nilelaya D            Barnes                    Nilelaya          Customer Service                 Delay
Thanna                Beckles                   Thanna            Customer Service                 Delay
Kyle W.               Bedard                    Kyle              Customer Service                 Delay
Kevin S.              Burke                     Kevin             Customer Service                 Delay
Quiana S.             Burns                     Quiana            Customer Service                 Delay
Lucinda L.            Correia                   Lucinda           Customer Service                 Delay
Brian M               Cox                       Brian             Customer Service                 Delay
Julie E.              Dembro                    Julie             Customer Service                 Delay
Sheena T.             Draper                    Sheena            Customer Service                 Delay
Bolisha               Enaibe                    Bolisha           Customer Service                 Delay
Angelica              Fisichella                Angelica          Customer Service                 Delay
Ronathan L            Gonzalez                  Ron               Customer Service                 Delay
Luis E.               Gonzalez                  Luis              Customer Service                 Delay
Catalina              Gutierrez                 Catalina          Customer Service                 Delay
Andrew R.             Hamil                     Andrew            Customer Service                 Delay
Pete K.               Harry                     Pete              Customer Service                 Delay
Jason                 Herbert                   Jason             Customer Service                 Delay
Shavonne M.           Herrington                Shavonne          Customer Service                 Delay
Greg A                Hetrick                   Greg              Customer Service                 Delay
Natacha               Joseph                    Natacha           Customer Service                 Delay
Michael               Kelly                     Michael           Customer Service                 Delay
Kelly A.              Lavin                     Kelly             Customer Service                 Delay
Alexander Paul        Luvisi                    Alex              Customer Service                 Delay
Kristen M             Malachowski               Kristen           Customer Service                 Delay
Bryan A.              Mannetta                  Bryan             Customer Service                 Delay
Derek W.              McNiff                    Derek             Customer Service                 Delay
Jennifer A.           Mendonca                  Jennifer          Customer Service                 Delay
David T.              Miller                    David             Customer Service                 Delay
Anita                 Miranda                   Anita             Customer Service                 Delay
Jeff M.               Moccia                    Jeff              Customer Service                 Delay
</Table>

                                       33
<Page>

<Table>
<S>                   <C>                       <C>               <C>                              <C>    <C>
Micheal S.            Moore                     Michael           Customer Service                 Delay
Zakiya E.             Narine                    Zakiya            Customer Service                 Delay
Jean M.               Piasecki                  Jean              Customer Service                 Delay
William M.            Piasecki                  Bill              Customer Service                 Delay
Gregory A.            Powell                    Gregory           Customer Service                 Delay
Allison J             Pratt                     Allison           Customer Service                 Delay
Margaret S.           Price                     Margaret          Customer Service                 Delay
Nilsa                 Santiago                  Nilsa             Customer Service                 Delay
Christopher P.        Shirtcliff                Chris             Customer Service                 Delay
Andrea                Souto                     Andrea            Customer Service                 Delay
George                Torres                    George            Customer Service                 Delay
Carlos                Trigueros                 Carlos            Customer Service                 Delay
Karen A.              Turley                    Karen             Customer Service                 Delay
Marie                 Turley                    Marie             Customer Service                 Delay
Zhigang               Bai                       Bai               Loan Origination                 Delay
Johana A.             Drumonds                  JoJo              Loan Origination                 Delay
Huei-Chi              Feng                      Julie             Loan Origination                 Delay
Limbania              Fernandez                 Limbania          Loan Origination                 Delay
David                 Joy                       David             Loan Origination                 Delay
Gail                  Lampropoulos              Gail              Loan Origination                 Delay
Steven M.             Maistros                  Steven            Loan Origination                 Delay
Lauren                Margharita                Lauren            Loan Origination                 Delay
Mike                  Osei-Mensah               Mike              Loan Origination                 Delay
Janice                Smith                     Janice            Loan Origination                 Delay
Judith                Struglia                  Judith            Loan Origination                 Delay
Peter                 Tetreault                 Peter             Loan Origination                 Delay
Carlin P.             Toth                      Carlin            Loan Origination                 Delay
Min C.                Zhou                      Min               Loan Origination                 Delay
Mark                  Proper                    Mark              Quality Control                  Delay
Brendan               Sevin                     Brendan           Quality Control                  Delay
Joan L.               Shaer Camacho             Joan              Quality Control                  Delay
Ann                   Swistak                   Ann               Quality Control                  Delay
                                                                                                      63
Kathryn M             Amaru                     Kathy             Bankruptcy                       FMER
Lori A.               Atkins                    Lori              Bankruptcy                       FMER
Danielle              Bentley                   Danielle          Bankruptcy                       FMER
James P.              Costello                  Jim               Claim Review                     FMER
Georgia               Jacques                   Georgia           Claim Review                     FMER
Tin                   Khine                     Tin               Claim Review                     FMER
Janice M              Lupo                      Janice            Claim Review                     FMER
Claudette             O'Garro                   Claudette         Claim Review                     FMER
Duc T.                Vu                        Duc               Claim Review                     FMER
Darlene               Adams                     Darlene           Default Prevention               FMER
Steven A              Berg                      Steve             Default Prevention               FMER
</Table>

                                       34
<Page>

<Table>
<S>                   <C>                       <C>               <C>                              <C>
Kathleen              McSweeney                 Kathy             Default Prevention               FMER
Joe G                 Toups                     Joe               Default Prevention               FMER
Janie S               Marois                    Janie             Education Finance                FMER
Paul C.               McCarty                   Paul              Education Finance                FMER
John D.               Volpini Jr.               John              Education Finance                FMER
Jayne                 Doherty                   Jayne             Finance/Administration           FMER
Cherryanne            Hinds                     Cherryanne        Finance/Administration           FMER
Irina R               Khmelnitskaya             Irina             Finance/Administration           FMER
Carol R.              Levine                    Carol             Finance/Administration           FMER
Darren L              McInnis                   Darren            Finance/Administration           FMER
Richard B             Neely                     Rick              Finance/Administration           FMER
Tuan                  Phan                      Tuan              Finance/Administration           FMER
Richard N.            Seiler                    Ric               Finance/Administration           FMER
Michael               Tang                      Michael           Finance/Administration           FMER
Eleanor               Warner                    Eleanor           Finance/Administration           FMER
Colette               Wilson                    Colette           Finance/Administration           FMER
Polly                 Zheng                     Polly             Finance/Administration           FMER
Patricia M.           Callahan                  Patti             Human Resources                  FMER
Wendy                 Casterlow                 Wendy             Human Resources                  FMER
Marianne              Barry                     Marianne          IS&T                             FMER
Ronan C.              Dunne                     Ronan             IS&T                             FMER
David                 Johnson                   David             IS&T                             FMER
Donika                Kreste                    Donika            IS&T                             FMER
David J.              Luciano                   David             IS&T                             FMER
Claire                Malachowski               Claire            IS&T                             FMER
Jennifer A.           Nodelman                  Jen               IS&T                             FMER
Kevin J.              Pieper                    Kevin             IS&T                             FMER
William J.            Ritacco II                Bill              IS&T                             FMER
Jeff H.               Tavares                   Jeff              IS&T                             FMER
Jeffrey R.            Trudeau                   Jeff              IS&T                             FMER
Catherine A           Zubrin                    Cathy             IS&T                             FMER
Rosa J.               Bautista                  Rosa              Loan Origination                 FMER
Tigist G.             Berhe                     Tigist            Loan Origination                 FMER
Mariana               Boci                      Mariana           Loan Origination                 FMER
Hui Min               Cen                       Hui Min           Loan Origination                 FMER
Angela                Chau                      Angela            Loan Origination                 FMER
Fun Fun               Cong                      Fun Fun           Loan Origination                 FMER
Ernestine H.          Deputat                   Teena             Loan Origination                 FMER
Shizhen               Fan                       Shizhen           Loan Origination                 FMER
Xiao Huan             Huang                     Xiao Huan         Loan Origination                 FMER
Xiangqun              Li                        Xiangqun          Loan Origination                 FMER
Cam                   Luong                     Cam               Loan Origination                 FMER
Jerome S              Narolewski                Jerome            Loan Origination                 FMER
Ngoc Nga Thi          Nguyen                    Nga               Loan Origination                 FMER
</Table>

                                       35
<Page>

<Table>
<S>                   <C>                       <C>               <C>                              <C>         <C>
Hanh Ngoc             Nguyen                    Ngoc              Loan Origination                 FMER
Ngoc-Tuyet            Nguyen                    Tuyet             Loan Origination                 FMER
Hong Ho               Nguyen                    Hong Ho           Loan Origination                 FMER
Tram T.               Pham                      Tram              Loan Origination                 FMER
Jieyu Cheung          Tan                       Jieyu Cheung      Loan Origination                 FMER
Sandra L.             Teo                       Sandra            Loan Origination                 FMER
Soi Ha                U                         Soi Ha            Loan Origination                 FMER
Siu Yin               Yu                        Siu Yin           Loan Origination                 FMER
Mei Le                Zhang                     Mei Le            Loan Origination                 FMER
Hui W.                Zhu                       Hui               Loan Origination                 FMER
Libia                 Bedoya                    Libia             Quality Control                  FMER
Zihue                 Chen                      Zihue             Quality Control                  FMER
Gregory               Flanagan                  Greg              Quality Control                  FMER
Stacy A.              Hetrick                   Stacy             Quality Control                  FMER
Yuting                Ho                        Yuting            Quality Control                  FMER
Christine Hanh        Huynh                     Christine         Quality Control                  FMER
Yen Hoang             Huynh                     Yen Hoang         Quality Control                  FMER
Vladimir A.           Khmelnitskiy              Vladimar          Quality Control                  FMER
Brikena               Kreste                    Brikena           Quality Control                  FMER
Dao K                 Mai                       Dao               Quality Control                  FMER
Dorothy A.            Martinez                  Dorothy           Quality Control                  FMER
Diep Thi              Nguyen                    Diep              Quality Control                  FMER
Ngoc Loan T           Nguyen                    Loan              Quality Control                  FMER
Jimmy T.              Nguyen                    Jimmy             Quality Control                  FMER
Phuong T.             Nguyen                    Phuong            Quality Control                  FMER
Thao T.               Nguyen                    Thao              Quality Control                  FMER
Michelle              Ou                        Michelle          Quality Control                  FMER
Yajaira A.            Pena                      Yajaira           Quality Control                  FMER
Rebecca A.            Sands                     Rebecca           Quality Control                  FMER
Sarah                 Sein                      Sarah             Quality Control                  FMER
Diane F.              Skiffington               Diane             Quality Control                  FMER
Javal A.              Edwards                   Javal             Recovery                         FMER
Janice                Hegeman                   Janice            Recovery                         FMER
Janet V.              Keymetian                 Janet             Recovery                         FMER
Warren C.             Moore                     Warren            Recovery                         FMER
Miti                  Sheqi                     Miti              Recovery                         FMER
Eric                  Smyth                     Eric              Recovery                         FMER
                                                                                                     91
Daniel                Bernazzani                Dan               Marketing                        TMSI
Alisa                 Meehan                    Alisa             Marketing                        TMSI
Dean Walter           Robertson                 Dean              Marketing                        TMSI
Amy                   Wilson                    Amy               Marketing                        TMSI
David R               Kelly                     Dave              Marketing                        TMSI
                                                                  Communications
Tysaliek R.           Scott                     Ty                Marketing
                                                                  Communications         TMSI
                                                                                                               6
</Table>

                                       36
<Page>

                 FIRST SUPPLEMENT TO MASTER SERVICING AGREEMENT

       THIS FIRST SUPPLEMENT TO MASTER SERVICING AGREEMENT ("Supplement")
supplements that certain Master Servicing Agreement by and among The Education
Resources Institute, Inc. ("TERI"), First Marblehead Education Resources, Inc.
("FMER"), and The First Marblehead Corporation ("FMC") dated as of July 1, 2001
(the "MSA"). This Supplement is dated as of July 1, 2001.

       WHEREAS, the MSA contains a general grant of authority for FMER to do all
things necessary to provide the services described in the MSA; and

       WHEREAS, certain necessary acts such as making of payments from TERI bank
accounts may require more specific authority than is granted in the MSA, and the
parties desire that such grants of authority be specific.

       NOW, THEREFORE, in consideration of these presents and the covenants
contained herein the parties hereto hereby agree as follows:

              1.  Capitalized terms used herein without definition shall have
                  the meanings set forth in the MSA.

              2.  Without in any way limiting the general authority granted to
                  FMER in the MSA, the following specific authorities are
                  granted:

                  (a) FMER is authorized to prepare payroll for continuing TERI
                      employees upon receipt of attendance/verification from the
                      applicable TERI manager. The following FMER employees are
                      authorized to sign payroll checks: Richard Neely, Paul
                      McCarty, and Kathy McSweeney.

                  (b) FMER is authorized to process TERI accounts payable,
                      claims payments and loan origination disbursements. The
                      following FMER employees are authorized to sign checks and
                      make wire transfers with respect to accounts payable and
                      loan disbursements: Richard Neely, Paul McCarty, and Kathy
                      McSweeney. Two signatures shall be required for any
                      accounts payable check or wire in excess of $7,500. Claims
                      payments shall be made over the signature of Richard
                      Neely. Any accounts payable transaction in excess of the
                      standard authority levels set forth in Exhibit A shall
                      require the prior written approval of a TERI officer
                      having authority to make payments of

                                       37
<Page>

                      the size in question on behalf of TERI.

                  (c) FMER is authorized to transfer funds among TERI accounts
                      at Fleet Bank, State Street Bank and Key Bank in
                      furtherance of its duties under the MSA. The following
                      FMER employees are authorized to make such transfers:
                      Richard Neely, Paul McCarty, and Kathy McSweeney.
                      Transaction confirmations shall be provided to the TERI
                      president promptly upon request.

                  (d) FMER is authorized to support TERI investments in
                      accordance with the investment policy approved by the TERI
                      Audit and Investment Committee. Richard Neely is
                      authorized to execute investments in accordance with such
                      policy. All transaction advices and confirmations shall be
                      provided to the TERI president promptly upon request.

                  The receipt of advices or confirmations under this section
                  shall not constitute ratification of any improper act or
                  payment.

              3.  In the event that any FMER employee named in the foregoing
                  authorization becomes unavailable for any extended period of
                  time, whether by reason of disability or otherwise, TERI shall
                  name a replacement FMER employee, after consultation with
                  FMER.

              4.  In consideration of their agreement to assume additional
                  responsibilities, FMER agrees to indemnify and hold harmless
                  the named FMER employees (Richard Neely, Paul McCarty, and
                  Kathy McSweeney), and any other FMER employees subsequently
                  named to exercise authority under this Supplement, from and
                  against any loss, cost, damage or expense relating to any
                  claims made by any person arising out of or relating to their
                  exercise of the authority granted herein, if such exercise of
                  authority was made in good faith. This indemnity includes all
                  costs of defense (including attorneys' fees). The named
                  employees shall be entitled to payment of the cost of defense
                  until it is held in a final judgment of a court of competent
                  jurisdiction that the employee in question did not act in good
                  faith. FMER and TERI agree that any indemnity payments under
                  this paragraph shall constitute Transferred Costs. Neither the
                  existence of this indemnity nor any reimbursement to FMER for
                  payments under this indemnity shall affect the liability of
                  FMER (or lack thereof) for any breach of the MSA alleged to
                  arise out of any matter covered by this indemnity.

              5.  In its sole discretion, TERI may conduct and FMER shall
                  cooperate fully with periodic audits of payments, transfers
                  and investments made by FMER from TERI funds. Such audits
                  shall be at TERI's expense and shall not unreasonably

                                       38
<Page>

                  interfere with the daily operations of FMER.

                     [Remainder of the page intentionally left blank]

                                       39
<Page>

       IN WITNESS WHEREOF, the parties hereto have caused this First Supplement
to Master Servicing Agreement to be executed by their duly authorized officers
as of the date set forth above.

                                             THE EDUCATION RESOURCES
                                             INSTITUTE, INC.

                                             By: /s/ Ann S. Coles
                                                 -------------------
                                                 Acting President

                                             FIRST MARBLEHEAD EDUCATION
                                              RESOURCES, INC.

                                             By: /s/ Ralph James
                                                --------------------

                                             THE FIRST MARBLEHEAD
                                              CORPORATION

                                             By: /s/ Ralph James
                                                --------------------

                                       40
<Page>

           EXHIBIT A TO FIRST SUPPLEMENT TO MASTER SERVICING AGREEMENT

<Table>
              Payment Type                Frequency        Approval Threshold(1)
--------------------------------------------------------------------------------
    <S>                                    <C>                    <C>
    Claims payments                        Monthly                $[**]
    (per servicer or lender)

    Lender transfers from pledged          Monthly                $[**]
    accounts to pay claims (per
    transfer)

    Payroll                                Weekly                 $[**]

    Loan origination (per loan             Daily                  $[**]
    disbursement)

    Professional fees                      Monthly                $[**]

    All other accounts payable             Weekly                 $[**]
</Table>

----------
(1) Approval is required for payments in excess of the amounts listed in this
    column.

                                       41
<Page>

           AMENDMENT TO FIRST SUPPLEMENT TO MASTER SERVICING AGREEMENT

       THIS AMENDMENT TO FIRST SUPPLEMENT TO MASTER SERVICING AGREEMENT
("Amendment") amends that certain First Supplement to Master Servicing Agreement
by and among The Education Resources Institute, Inc. ("TERI"), First Marblehead
Education Resources, Inc. ("FMER"), and The First Marblehead Corporation ("FMC")
dated July 1, 2001 ("First Supplement"), which supplements that certain Master
Servicing Agreement by and among TERI, FMER, and FMC dated July 1, 2001 (the
"MSA"). This Amendment is dated October 15, 2002.

       WHEREAS, the parties wish to amend the First Supplement to provide that
signing authority on behalf of TERI in financial matters be modified by deleting
Kathy McSweeney and adding Rosalyn Bonaventure.

       NOW, THEREFORE, in consideration of these presents and the covenants
contained herein the parties hereto hereby agree as follows:

              6.  The First Supplement is hereby amended by removing Kathy
                  McSweeney's name in each and every instance and replacing it
                  with Rosalyn Bonaventure.

              7.  Except as amended herein, the First Supplement and the MSA
                  remain in full force and effect.

                  IN WITNESS WHEREOF, the parties hereto have caused this
       Amendment to First Supplement to Master Servicing Agreement to be
       executed by their duly authorized officers as of the date set forth
       above.

                                             THE EDUCATION RESOURCES
                                             INSTITUTE, INC.

                                             By: /s/ Lawrence W. O'Toole
                                                 ------------------------

                                             FIRST MARBLEHEAD EDUCATION
                                              RESOURCES, INC.

                                             By: /s/ Ralph James
                                                 -----------------------

                                             THE FIRST MARBLEHEAD
                                             CORPORATION

                                             By: /s/ Ralph James
                                                 -----------------------

<Page>

                 SECOND SUPPLEMENT TO MASTER SERVICING AGREEMENT

       THIS SECOND SUPPLEMENT TO MASTER SERVICING AGREEMENT ("Supplement")
supplements that certain Master Servicing Agreement by and among The Education
Resources Institute, Inc. ("TERI"), First Marblehead Education Resources, Inc.
("FMER"), and The First Marblehead Corporation ("FMC") dated as of July 1, 2001
(the "MSA"). This Supplement is dated as of May 1, 2002.

       NOW, THEREFORE, in consideration of these presents and the covenants
contained herein the parties hereto hereby agree as follows:

       1.    Capitalized terms used herein without definition shall have the
             meanings set forth in the MSA.

       2.    Section 3.01 of the MSA is amended by adding the following sentence
             at the end:

                 "In addition, TERI shall pay FMER the amounts set forth in
                 Section 3.03."

       3.    A Section 3.03 is hereby added to the MSA to read:

             "3.03. In addition to Transferred Costs, TERI shall pay to FMER
             [**] ([**]%) of the amounts it receives under Section 1(d)(7) of
             the Amended and Restated Loan Origination Agreement between Bank
             One, N.A. and TERI dated as of May 13, 2002 ("Bank One Loan
             Origination Agreement"); provided, however, that the parties agree
             to review the percentage of revenues shared under this Agreement
             annually."

             IN WITNESS WHEREOF, the parties hereto have caused this Second
       Supplement to Master Servicing Agreement to be executed by their duly
       authorized officers as of the date set forth above.

                                             THE EDUCATION RESOURCES
                                             INSTITUTE, INC.
                                             By: /s/ Ann S. Coles
                                                -------------------------

                                             FIRST MARBLEHEAD EDUCATION
                                             RESOURCES, INC.
                                             By: /s/ Ralph James
                                                -------------------------

                                             THE FIRST MARBLEHEAD CORPORATION
                                             By: /s/ Ralph James
                                                ---------------------

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