Document:

<Page>

                                                                   EXHIBIT 10.20

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

                          MARKETING SERVICES AGREEMENT

       THIS MARKETING SERVICES AGREEMENT ("Agreement") is made and entered into
by and among 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, TERI MARKETING SERVICES, INC. ("TMSI"), a Delaware
corporation and wholly-owned subsidiary of First Marblehead Education Resources
("FMER") having a principal place of business at 30 Little Harbor, Marblehead,
Massachusetts 01945. 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, TERI desires TMSI to assist TERI in the marketing of
TERI-guaranteed loan programs, subject to the terms and conditions set forth
herein; and

       WHEREAS, TMSI is willing to provide such marketing assistance to TERI,
subject to the terms and conditions set forth herein; and

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

                                    ARTICLE I
                                   DEFINITIONS

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

1.01   "AAA" has the meaning set forth in Section 10.11.

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, 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
<Page>

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

1.04   "BUDGET ARBITRATION" has the meaning set forth in Section 9.02(e)(iv).

1.05   "CONFIDENTIAL INFORMATION" has the meaning set forth in Section 7.01.

1.06   "COST CENTER" has the meaning set forth in Section 9.02.

1.07   "FMER" has the meaning set forth in the preamble hereto.

1.08   "FMC" means The First Marblehead Corporation.

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

1.10   "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.

1.11   "INDEMNIFIABLE LOSS" has the meaning set forth in Section 8.01(a)

1.12   "INDEMNIFYING PARTY" has the meaning set forth in Section 8.01(d).

1.13   "INDEMNITEE" has the meaning set forth in Section 8.01(c).

1.14   "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.

1.15   "MARKETING DOCUMENTS" has the meaning set forth in Section 2.02(a).

1.16   "MARKETING PLAN" has the meaning set forth in Section 2.02(a).

1.17   "MARKETING SERVICES" has the meaning set forth in Section 2.02.

1.18   "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.

1.19   "PRIVATE LABEL PROGRAM" means any arrangement (other than a TERI-Branded
Program) whereby TERI has agreed or will agree with FMC (pursuant to a certain
Master Loan Guaranty Agreement between TERI and FMC, dated as of February 2,
2001) to originate and/or guaranty loans, if such program is designated as a
"private label program" in the written agreement making such program an FMC
Purchase Program (as defined in the Master Loan Guaranty Agreement).

1.20   "PROGRAM" means any TERI-Branded Program and any Private Label Program.

                                        2
<Page>

1.21   "PROGRAM GUIDELINES" means the Program Guidelines adopted by TERI and
used as the basis for determining whether, when and to what extent to make and
guarantee Program Loans, as well as to determine the servicing standards for
each Program Loan.

1.22   "PROGRAM LENDER" means each financial institution or other creditor which
agrees with TERI to originate Program Loans.

1.23   "PROGRAM LOAN" means an extension of credit pursuant to a Program, made
in accordance with the applicable Program Guidelines.

1.24   "PROGRAM LOAN DOCUMENTS" means the documents used by TERI and/or any
Program Lender to originate Program Loans.

1.25   "SERVICING INFORMATION" has the meaning set forth in that certain Master
Servicing Agreement of even date herewith between TERI and First Marblehead
Education Resources, Inc., the sole shareholder of TMSI.

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

1.27   "TERI-BRANDED PROGRAM" means the following arrangements whereby TERI
agrees to originate and/or guarantee loans: TERI Alternative Loan Program; TERI
Continuing Education Loan Program; TERI Professional Education Plan Loan
Program; TERI Professional Education CR Loan Program; TERI Parent Loan for
Elementary and Secondary Education Program; TERI Degreed Undergraduate
Alternative Loan Program; TERI Allied Health Education Loan Program; TERI
International Health Education Loan Program; TERI Chiroloan Program; TERI
Creditline Loan Program; TERI MedFund Loan Program; TERI MedChoice Loan Program;
TERI MedAdvantage Loan Program; SABA Medical School Loan Program; Engineer
Assistance Loan Program; Graduate Assistance Loan Program; Master of Business
Administration Assistance Loan Program; Medical Degree Assistance Loan Program;
Nurse Assistance Loan Program; National Keystone Extra Loan Program; TERI Rehab
Loan Program; and any other TERI loan program which the parties mutually agree
in writing to add to this list.

1.28   "TERM" has the meaning set forth in Section 11.01.

1.29   "THIRD PARTY CLAIM" has the meaning set forth in Section 8.02(a).

1.30   "TMSI" has the meaning in the preamble hereto.

1.31   "TMSI PERMITS" has the meaning set forth in Section 5.04.

1.32   "TRANSFERRED COSTS" has the meaning set forth in Section 9.02.

                                        3
<Page>

                                   ARTICLE II
                              MARKETING OF PROGRAMS

2.01   APPOINTMENT OF TMSI AS TERI'S AGENT. TERI hereby appoints TMSI to act as
its marketing agent, and TMSI accepts such appointment, to provide the services
described in Section 2.02, below.

2.02   MARKETING SERVICES. During the Term, TMSI shall perform the services
described in this Section 2.02 ("Marketing Services").

              (a)    (i) Subject to the applicable requirements of Law, TMSI
shall develop and evaluate the data, documents and analysis, to formulate and
implement a marketing strategy and plan (which shall include a detailed
financial plan) to solicit new and existing Program Lenders to enter into Loan
Origination Agreements and Guarantee Agreements, and to solicit educational
institutions to participate in the Programs (the "MARKETING PLAN"). TMSI shall
also prepare marketing documentation (including, without limitation, brochures,
advertisements, mailings, announcements, and web site content) to be used in
connection with the TERI-Branded Loans (collectively, the "MARKETING
DOCUMENTS"). TERI shall assist TMSI, as is necessary and appropriate, in the
development and preparation of the Marketing Plan and Marketing Documents, and
such Marketing Plan and Marketing Documents shall be subject to the prior review
and approval of TERI.

       (ii)   TMSI hereby acknowledges that it is in the best interests of all
parties hereto to, at a minimum, maintain the existing volume of business in the
TERI-Branded programs; therefore, TMSI shall be even-handed and neutral in its
presentations of various program alternatives to new and existing Program
Lenders and will not solicit existing TERI-Branded Program Lenders for new
programs unless it reasonably believes, after consultation with TERI, that such
lender will cease utilizing TERI-Branded programs or materially decrease its
volume in those programs unless offered alternative programs.

       (iii)  TMSI shall submit the initial Marketing Plan to TERI's President
within thirty (30) days of the execution of this Agreement, and will thereafter
submit revised Marketing Plans annually, at least thirty (30) days prior to the
beginning of the TERI budget year. TERI will request reasonable changes (if any)
within thirty (30) days after receiving a Marketing Plan from TMSI. In the event
TMSI rejects the requested changes, it will continue to provide Marketing
Services at the budget requested by TERI, but will have recourse to arbitration
as provided in Section 10.11 of this Agreement.

       (iv)   TMSI shall make recommendations to TERI with respect to the
following (which TERI, in its sole discretion, shall approve or reject):

       (1) changes to the Program Guidelines;

       (2) approvals of Program Lenders;

       (3) approvals of participating educational institutions;

                                        4
<Page>

       (4) changes to the Marketing Plan and Marketing Documents; and

       (5) changes to the Loan Documents.

              (b)    Following TERI's review and approval of the Marketing Plan
and Marketing Documents, TMSI shall (as agent for TERI and in TERI's name and on
TERI's behalf):

       (i)    implement and administer the Marketing Plan;

       (ii)   oversee and administer the preparation and distribution of all
Marketing Documents;

       (iii)  distribute Marketing Documents in accordance with the Marketing
Plan.

                                   ARTICLE III
                              SERVICE MARK LICENSE

       TERI hereby grants to TMSI the right and license to use the service marks
and trademarks described in EXHIBIT A ATTACHED HERETO, including all
registrations therefor and designs and logos (collectively, the "SERVICE MARK")
in connection with providing the Marketing Services under this Agreement, and
TMSI shall have the right to use the word "TERI" in its corporate name, all
subject to the following conditions and limitations. Such license is
non-exclusive as a general matter. The term of this license shall be coextensive
with the term of this Agreement. The parties agree that nothing herein shall
give to TMSI any right, title or interest in and to the Service Mark (except
with respect to use in accordance with the terms of this Agreement), that the
Service Mark is the sole property of TERI and that any and all uses of the
Service Mark by TMSI and the goodwill pertaining thereto shall inure to the sole
benefit of TERI. It is expressly agreed and understood that TMSI is not
purchasing or acquiring any right, title or interest in the Service Mark. TMSI
agrees that if any rights in the Service Mark accrue to TMSI 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. TMSI agrees to cooperate
with TERI in perfecting its right, title and interest in the Service Mark by
providing written assignment of any rights therein which may have accrued to
TMSI. Except as expressly provided in this Agreement, and except as otherwise
agreed to in writing by TERI, TMSI will not use the Service Mark for any
purposes not related to this Agreement. TMSI will change its corporate name to
delete the word "TERI" within thirty (30) days after termination of this
Agreement. Any use of the Service Mark by TMSI shall be conducted in accordance
with any applicable policies and procedures of TERI which have been disclosed in
writing to TMSI, and shall be presented in a professional manner, consistent
with the image and use of the Service Mark by TERI. In all events, TMSI may make
any use of the Service Mark which has been expressly approved in writing by
TERI.

                                        5
<Page>

                                   ARTICLE IV
                     REPRESENTATIONS AND WARRANTIES OF TERI

       TERI represents and warrants to TMSI as follows:

4.01   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.

4.02   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 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 perform its obligations under this
Agreement. 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 TMSI a
Clerk's certificate attesting to the relevant board resolutions, the vote
approving each and any board minutes relating to the same.

4.03   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.

4.04   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, engaging in any of the businesses
contemplated by this Agreement.

4.05   INFORMATION SHARING. TERI has the legal authority to provide TMSI,
through FMER, its parent corporation, with all information in TMSI's possession
which is necessary or reasonably convenient for TMSI to provide the Marketing
Services. The disclosure of such information by

                                        6
<Page>

TERI to TMSI through FMER 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.

                                    ARTICLE V
                     REPRESENTATIONS AND WARRANTIES OF TMSI

       TMSI represents and warrants to TERI as follows:

5.01   ORGANIZATION AND QUALIFICATION. Except as set forth in Schedule 5.01,
TMSI (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.

5.02   AUTHORITY. TMSI 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 TMSI and the performance by TMSI of
its obligations hereunder have been duly and validly authorized by all necessary
corporate action and no other corporate proceedings on the part of TMSI 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 TMSI and constitutes a legal, valid and binding obligation of TMSI
enforceable against TMSI in accordance with its terms.

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

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

       (b)    conflict with or violate any Laws applicable to TMSI or by which
any property or asset of TMSI 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 TMSI under, any contract to which TMSI is a party or by which TMSI or
its assets or properties is or may be bound or affected.

5.04   REQUIRED FILINGS AND CONSENTS. Except as set forth in Schedule 5.04
hereto, the execution and delivery of this Agreement by TMSI do not, and the
performance of this Agreement by TMSI will not, require any consent, approval,
authorization or permit of, or filing with, or notification to, any Governmental
Authority (collectively, the "TMSI Permits").

                                        7
<Page>

5.05   LITIGATION. There is no claim, action or proceeding pending or, to the
knowledge of TMSI, threatened against TMSI 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 performance by TMSI of its obligations under this Agreement. TMSI 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 TMSI of its obligations under this
Agreement.

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

                                   ARTICLE VI
                              ADDITIONAL COVENANTS

6.01   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 TMSI under this Agreement.

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

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

       (d)    REGULATORY COMMUNICATIONS. TERI shall promptly forward to TMSI 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.

6.02   COVENANTS OF TMSI.

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

       (b)    SERVICE PERFORMANCE STANDARDS.

       (i)    TMSI shall provide the Marketing Services in accordance with the
              performance standards set forth in EXHIBIT B ATTACHED HERETO (the
              "Performance Standards").

                                        8
<Page>

              The Performance Standards shall be revised annually in connection
              with revisions to the Marketing Plan under Section 2.2 hereof.

       (ii)   TMSI's failure to perform in accordance with the Performance
              Standards due to any event covered by Section 10.14(b) of this
              Agreement shall not be considered to be a failure for which FMER
              shall be responsible under this Section 6.02(b).

       (iii)  If TMSI fails to meet a Performance Standard, TMSI shall (a)
              notify TERI immediately; (b) investigate and report to TERI on the
              root cause(s) of the failure; (c) describe to TERI the steps which
              TMSI will take to correct the failure; (d) promptly take such
              steps; and (e) advise TERI not less often than weekly as to the
              status of such remedial efforts. TMSI will undertake all such
              corrective or remedial action at no cost to TERI.

       (iv)   TERI's sole remedy for any material failure by TMSI to satisfy the
              Performance Standards described in Section 6.02(b)(iv) shall be to
              withhold payment for the Marketing Services until such time as
              TMSI satisfies the Performance Standards, or to obtain the
              Marketing Services from another servicer.

                                   ARTICLE VII
                                 CONFIDENTIALITY

       7.01   TERI and TMSI 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.

       7.02   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"), TMSI 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 or FMER including, where applicable,
the restrictions on the re-use and disclosure of such information set forth in
the GLB Act and Regulation P.

       7.03   TMSI agrees to use all information it receives from TERI or FMER
concerning Program loans and borrowers including, without limitation, nonpublic
personal information described in Section 7.02, solely for purposes of providing
the Marketing 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, TMSI shall establish
clear policies and procedures to prevent the disclosure of Servicing Information
to FMC and shall cause FMC to conform to such policies. 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,
TMSI and FMC. The parties anticipate that

                                        9
<Page>

TMSI will have little or no need for, and limited access to, data regarding
specific loans or Borrowers.

                                  ARTICLE VIII
                                 INDEMNIFICATION

       8.01   INDEMNIFICATION.

       (a)    TERI will indemnify, defend and hold harmless TMSI 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 TMSI 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, that in the case of any Indemnifiable Loss arising
under this Section 8.01(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 Losses under the Master Servicing
Agreement), at which point such indemnification shall relate to all
Indemnifiable Losses.

       (b)    TMSI will indemnify, defend and hold harmless TERI from and
against any and all Indemnifiable Losses asserted against TERI by any unrelated
third party relating to, resulting from or arising out of any breach by TMSI 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 8.01(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 Master Servicing 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 8.01 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.

                                       10
<Page>

       (e)    Any claim under this Section 8.01 must be brought within two (2)
years after termination of this Agreement.

       (f)    The rights and obligations of indemnification under this
Section 8.01 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.

       8.02   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 8.02(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

                                       11
<Page>

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
Fleet Bank, 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 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 8.02(d) shall be construed to
require any party hereto to obtain or maintain any insurance coverage.

       (e)    Subject to Section 8.01(a) and 8.01(b) hereof, a failure to give
timely notice as provided in this Section 8.02 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 IX
                                     PAYMENT

       9.01   PAYMENT. In consideration for the Marketing Services, TERI agrees
to pay, in U.S. dollars, an annual fee equal to TMSI's Transferred Costs. TMSI
shall bill TERI monthly for its actual Transferred Costs. TERI shall pay TMSI
for such Transferred Costs as billed, within seven (7) days of receipt of such
bill. The aggregate Transferred Costs billed by TMSI 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 9.02(e). TERI shall also have the right as
often as it shall reasonably deem necessary, to audit, at its expense, all books
and records of TMSI relating to Transferred Costs billed by TMSI to TERI.

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

       (a)    TMSI shall establish "Cost Centers" that record all costs of
providing services under this Agreement.

       (b)    TMSI 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)   Marketing

   (ii)  Human Resources/Office Management

   (iii) Finance

                                       12
<Page>

   (iv)  Executive

TMSI shall not include depreciation expense for the Cost Centers.

       (c)    During the term of this Agreement, TMSI shall only provide
Marketing Services to TERI in support of the Programs, and shall not provide
similar services or any other services to any other party.

       (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.

       (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, TMSI 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 [**] percent ([**]%) of the current budget, the Budget
       Committee, shall approve or deny all or part of TMSI's request within
       thirty (30) days of receipt. The chief executive officers of TMSI and
       TERI shall meet promptly thereafter to resolve any differences. If any
       dispute is not so resolved, TMSI 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
       10.11 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
       budget year, TMSI will present a proposed budget to TERI. The Budget
       Committee shall approve or deny all or part of TMSI's request within
       thirty (30) days of receipt. The chief executive officers of TMSI and
       TERI shall meet promptly thereafter to resolve any differences. If any
       dispute is not so resolved, TMSI 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
       10.11 below, by written notice given within sixty (60) days after receipt
       of the Budget Committee's decision.

              (iii)  BUDGET ADJUSTMENT.

                     TMSI may apply to TERI's chief executive officer for budget
              adjustments based upon changes in the Marketing Plan 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
              current budget per budget year. If a requested adjustment is
              denied or

                                       13
<Page>

              reduced in an amount greater than [**] percent ([**]%) of the
              requested adjustment, TMSI may demand Budget Arbitration by
              written notice given within thirty (30) days after receipt of such
              denial or reduction.

              (iv)   BUDGET ARBITRATION. As used herein, "Budget Arbitration"
       refers to arbitration conducted in accordance with Section 10.11 hereof.
       In any such arbitration, TMSI shall be entitled to recover any additional
       reasonable costs (above what is allowed in 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 compensation to TMSI shall be effective as
       of the beginning of the budget period to which such award relates.

                                    ARTICLE X
                                  MISCELLANEOUS

       10.01  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.

       10.02  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.

       10.03  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 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

                                       14
<Page>

       Boston, MA 02110-2600
       Phone: 617 428-3000
       Fax: 617 428-3500
       E-Mail: rwiley@hillbarlow.com

If to TMSI:

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

       10.04  ENTIRE AGREEMENT. This Agreement (including the 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.

       10.05  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.

       10.06  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.

       10.07  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.

       10.08  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
equitable provision shall be substituted for that provision in order to carry
out, so far as may be

                                       15
<Page>

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.

       10.09  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.

       10.10  ASSIGNMENT. This Agreement may not be assigned by either party
without the express written consent of the other party, such consent not to 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. TMSI 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. TMSI shall require any subcontractor to agree to the confidentiality
provisions contained in Sections 7.01 and 7.02. No such subcontracting shall
relieve TMSI of its obligations under this Agreement, and any breach 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 by TMSI.

       10.11  ARBITRATION. In the event of any dispute between TERI and TMSI
relating to the proper determination of Transferred Costs under Section 9.02,
TERI and TMSI 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 TMSI 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) days, the
third arbitrator shall be appointed by the AAA. The arbitrator(s) hearing any
arbitration pursuant to this Section 10.11 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 and TMSI. In the event a party, having been given notice and opportunity,
fails or refuses to appear or participate in an arbitration or in any stage of
the arbitration, the proceedings will nevertheless be conducted

                                       16
<Page>

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.

       10.12  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.

       10.13  FURTHER ASSURANCES. On and after the date hereof, each of TERI and
TMSI 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 the other
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.

       10.14  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 delay in receiving
electronic data, earthquakes, war, revolution, civil commotion, acts of public
enemies, blockade, embargo or any Law, or any other act or omission whatsoever,
whether similar or dissimilar to those referred to in this clause, which is or
are beyond the reasonable control of TERI, TERI shall provide written notice to
TMSI 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 taking reasonable action
to accomplish such performance as promptly as possible under the circumstances.

       (b)    If performance by TMSI 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
delay in receiving electronic data, earthquakes, war, revolution, civil
commotion, acts of public enemies, blockade, embargo, or any Law, or any other
act or omission

                                       17
<Page>

whatsoever, whether similar or dissimilar to those referred to in this clause,
which is or are beyond the reasonable control of TMSI, TMSI 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.

       10.15  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 10.3 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.

                                   ARTICLE 11
                              TERM AND TERMINATION

       11.01  TERM AND TERMINATION. This Agreement shall have a term (the
"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)    the renewing party, or in the case of renewal hereof by TMSI, FMER
              and FMC, also renews the Master Servicing Agreement; and

       (ii)   the renewing party, or in the case of renewal hereof by TMSI, FMC
              also renews the Master Loan Guaranty Agreement.

       11.02  TERMINATION FOR CAUSE.

       (a)    TERMINATION OF MASTER LOAN GUARANTY AGREEMENT. If the Master Loan
Guaranty Agreement between TERI and FMC, 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, TMSI 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 by FMER as defined in
Section 8.02(b)(iv)of the Master Servicing Agreement, TERI may terminate this
Agreement upon thirty (30) days' written notice.

                                       18
<Page>

       (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 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).

       11.03  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 8.01, 8.02, and all of Article X shall
remain in full force and effect notwithstanding termination.

                     (c)    In the case of termination by TERI pursuant to
       Section 11.02(b) or 11.02(c), TMSI shall continue to provide Marketing
       Services, in conformity with the Performance Standards, and assistance in
       transitioning the Marketing Services to a new marketing agent for up to
       six (6) months, for consideration at the same rates set forth in Article
       IX of this Agreement.

                                   ARTICLE 12
                              CONDITIONS PRECEDENT

12.01 TO OBLIGATIONS OF TMSI. The obligations of TMSI hereunder are subject to
the occurrence of the following conditions precedent (or the waiver of those
conditions by TMSI):

       (a)    Issuance to TMSI of the TMSI Permits set forth in Schedules 5.01
              and 5.04, which TMSI shall use its best efforts to obtain.

                                       19
<Page>

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

                                      THE EDUCATION RESOURCES
                                      INSTITUTE, INC.

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

                                      TERI MARKETING SERVICES, INC.

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

                                       20
<Page>

                                TABLE OF EXHIBITS

Exhibit A - Service Marks and Trade Marks

Exhibit B - Performance Standards

                                       21
<Page>

                                    EXHIBIT A
                                   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                      1,487,086          36        8/16/85          5/3/88           Filed
RESOURCES 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

                                       22
<Page>

                                    EXHIBIT B
                              Performance Standards

-    Representatives will attend [**] state, regional and national conferences
     per year. Attendance could include participation in exhibit arena.

-    Representatives will visit a minimum of [**] schools per month. These
     visits will exclusively promote student loan products offered by TERI.
     This will not be the case during "heavy conference months." A heavy
     conference month is defined as a month that includes at least two weeks
     of conference related activity.

-    Representatives will complete a minimum of [**] schools contacts per
     month. School contacts include telephone calls, e-mails and letters.
     The subject of all contacts will revolve around the promotion of TERI
     products.

-    Five editions of "TERI On Track" will be developed, produced and
     disseminated to participating schools throughout the year. Each issue
     will promote products and services of TERI.

-    Brochures will be maintained with current information that promotes
     TERI products. Lenders will be encouraged to produce lender-specific
     brochures. All contacts from lenders concerning brochure production
     will be responded to within one business day.

-    The TERI web site will be maintained with current information that promotes
     TERI-Branded Programs. Any material product enhancement or change will
     be made within 5 business days.

       The foregoing standards may be revised by mutual agreement concurrent
with the approval of new or revised Marketing Plans under Section 7.02.

                                       23
<Page>
                               TABLE OF SCHEDULES

Schedule 5.01     Qualifications, etc.

Schedule 5.04     TMSI Permits

<Page>

                             Schedules 5.01 and 5.04

       TMSI shall obtain a 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 to the extent required to conduct the activities described in this
Agreement. On advice of counsel, TMSI believes the currently planned activities
do not require such a license.

                                       25<Page>

                                                                   EXHIBIT 10.22

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

                         SOFTWARE DEVELOPMENT AGREEMENT

THIS SOFTWARE DEVELOPMENT AGREEMENT ("Agreement") is entered into as of July 1,
2003 (the "Effective Date"), by and between V-Tek Systems Corporation, a
California corporation having a principal office located at 1315 Valley Vista
Drive, Diamond Bar, California 91765 ("Contractor"), and The First Marblehead
Corporation, a Delaware corporation, having a principal office located at 30
Little Harbor, Marblehead, Massachusetts 01945 ("Client").

                                   WITNESSETH:

       WHEREAS, Contractor has expertise in designing, developing and
implementing student loan origination software systems;

       WHEREAS, Client desires to build and implement a student loan origination
software system known as the "GATE Universal System" (the "System"); and

       WHEREAS, Contractor desires to build and implement the System and in
connection therewith has submitted a Revised GATE Universal Process Proposal
dated April 17, 2002, a Revised GATE Universal Process Proposal Addendum dated
September 26, 2002, a GATE Student - SSN Authentication Proposal dated November
7, 2002, and a GATE Universal Additional Data Requirements proposal dated
February 27, 2003 (collectively referred to herein as the "PROPOSALS"), copies
of which are attached hereto as EXHIBIT A.1 AND A.4, respectively;

       WHEREAS, Client desires to engage Contractor to provide the software
development services described in the Proposals in accordance with the terms and
conditions contained herein;

       NOW, THEREFORE, in consideration of the mutual covenants contained herein
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto agree as follows:

1.     DEFINITIONS

1.1    SPECIFIC WORDS OR PHRASES. For purposes of this Agreement, each word or
phrase listed below has the meaning designated. Other words or phrases used in
this Agreement may be defined in the context in which they are used and shall
have the respective meaning there designated.

"AFFILIATE" means and includes any entity that directly or indirectly controls,
is controlled by, or is under common control with Client, where "control" means
either: (i) the power to direct (or cause the direction of) the management and
policies of an entity, whether through ownership of voting securities, through
contract or otherwise, or (ii) ownership of at least twenty percent (20%) of the
voting stock, shares or interests of an entity. An entity that otherwise
qualifies under this definition will be included within the meaning of
"Affiliate" even though it qualifies after the execution of this Agreement.

                                        1
<Page>

"AGREEMENT" means this Agreement (sometimes referred to as "Agreement"),
together with the schedules, exhibits, and other appendices, attached hereto or
incorporated herein by reference.

"CLIENT" means, for the general purposes of the Agreement, the entity referenced
above as "Client".

"CONTRACTOR" means the entity referenced above as "Contractor".

"CONFIDENTIAL INFORMATION" has the meaning designated in Section 8.

"DELIVERABLE" or "DELIVERABLES" means and includes the services and Work Product
described and set forth in the Proposals and Specifications that are to be
provided by Contractor with respect to the System.

"GATE UNIVERSAL SYSTEM" OR "SYSTEM" means the student loan origination software
system as described and set forth in the Proposals and Specifications.

"INTELLECTUAL PROPERTY RIGHTS" shall mean all patents and patent applications,
trade marks (whether registered or unregistered and including any goodwill
acquired in such trade marks), service marks, trade names, business names,
internet domain names, e-mail address names, copyrights (including rights in
computer software), computer source code, computer object code, moral rights,
database rights, design rights, rights in know-how, rights in confidential
information, rights in inventions (whether patentable or not), trade secrets and
all other proprietary rights therein or relating thereto (whether registered or
unregistered and including any form of application for any of the foregoing, and
including all extensions and renewals thereof, together with all copyright
registrations obtained therefor, and any renewals or extensions of such
copyright registrations, and together with all rights to sue and recover for any
past infringements of any of the copyrights), and all other equivalent or
similar rights which may subsist anywhere in the world.

"PERSONNEL" means a party's directors, officers, employees, agents, contractors
and subcontractors.

"SPECIFICATIONS" means the description of functional, technical, design and
performance characteristics of the System contained in the Specification
Documents attached hereto as EXHIBIT B, as such may be modified from time to
time upon mutual agreement of the parties in writing.

"WORK PRODUCT" has the meaning designated in Section 9.1

1.2    COMMON WORDS. The following words shall be interpreted as designated: (i)
"or" connotes any combination of all or any of the items listed; (ii) where
"including" is used to refer to an example or begins a list of items, such
example or items shall not be exclusive; and, (iii) "specified" requires that an
express statement is contained in the relevant document.

2.     DEVELOPMENT SERVICES

2.1    SCOPE OF SERVICES. Client hereby engages Contractor, and Contractor
hereby accepts such engagement, to build and implement the System. Without
limiting the foregoing, Contractor's services shall include (i) delivery to
Client of the Deliverables; and (ii) to the extent expressly provided for in the

                                        2
<Page>

Proposals and in this Agreement, design, development, implementation, testing
and delivery of all application modules described in the Proposals and all
documentation, specifications, source code, object code, source files, and flow
charts relating thereto.

2.2    CHANGE ORDERS. At any time (and from time to time) during the term of
this Agreement, Client may request modification(s) to the Deliverables. As soon
as practicable following any such request, the parties will discuss the
feasibility of the requested modification(s) and the impact on the time
schedules and costs specified in this Agreement. The Deliverables may only be
modified by a written change order specifically describing the modifications
that has been duly executed on behalf of the parties to be bound thereby.
Contractor is not obligated to agree to changes to the Deliverables unless such
changes and the increased costs and changes to time schedules are acceptable to
Contractor.

3.     ACCEPTANCE TESTING

Contractor shall develop, implement and test the System in accordance with the
Acceptance Test Plan set forth in EXHIBIT C attached hereto (the "ACCEPTANCE
TEST PLAN"), as such may be modified upon mutual agreement of the parties in
writing. On or before acceptance testing, Contractor shall provide Client with
all appropriate documentation for the System in accordance with this Agreement.

4.     TRAINING

As part of User Acceptance Testing, Contractor will provide Client (including
AES and PHEAA) with training for up to two days at Contractor's site in the use
of the System at a time or times reasonably agreeable to both parties at no
additional charge. Such training shall be performed by qualified Personnel of
Contractor who are trained on the System.

5.     MAINTENANCE SUPPORT

Following the Warranty Period, unless otherwise agreed to by the parties,
Contractor shall provide software maintenance and support for the System on an
as needed basis as requested by Client at Contractor's then current hourly
rates.

6.     FEES, EXPENSES AND INVOICING

6.1    FEES. Client agrees to pay Contractor the total fixed price amount (i)
set forth in EXHIBIT D attached hereto, and (ii) in accordance with the payment
schedule set forth in EXHIBIT D.

6.2    INVOICING. Contractor shall submit itemized invoices for the Deliverables
and approved reimbursable expenses. Each properly submitted invoice will be
payable within thirty (30) days after its receipt by Client. Client will be
liable for interest at the rate of 10% per annum on any undisputed amounts that
are not paid by the due date.

7.     WARRANTY

7.1    CONFORMITY WITH SPECIFICATIONS. Contractor hereby warrants and represents
(the "WARRANTY") that the Deliverables provided hereunder will perform in
substantial conformity with the Specifications

                                        3
<Page>

for a period of ninety (90) days after the date of Final Acceptance as defined
in the Acceptance Plan (the "WARRANTY PERIOD"). In the event of a breach of the
Warranty, Contractor will promptly repair or replace any Deliverable or
component thereof at no charge. Contractor shall have no Warranty obligations,
however, if the Deliverables were changed or modified by Client or any third
party (unless such modifications were approved by Contractor) or if the
Deliverables are not operating on equipment or a system as specified in the
Specifications or approved by Contractor.

7.2    NON-INFRINGEMENT. Contractor further warrants and represents that (i)
neither the Deliverables nor any elements thereof infringe any patent, copyright
or other intellectual property right of any third party, and (ii) except for
third party licenses as specified in the Proposals, Contractor possesses all
rights, title and interests in the Deliverables necessary to enter into this
Agreement and to grant the rights granted to Client hereunder free and clear of
all liens, encumbrances, claims or restrictions. The warranty and representation
of the preceding sentence shall not apply, however, with respect to any
infringement claims that would not have arisen but for (or to the extent of)
materials, requirements, concepts, and all other items provided by Client to the
extent same are incorporated in the Deliverables.

In case the Deliverables, or any part thereof is held to constitute an
infringement and its use is enjoined, Contractor shall, at its own expense and
at its option, either procure for Client the right to continue to use or, if
applicable, replace such Deliverable with noninfringing program or documentation
of equivalent function and performance, or modify them so they become
noninfringing without detracting from function or performance. Notwithstanding
the forgoing, Contractor shall have no responsibility for claims arising from
(i) modifications of the Deliverable made by Client or any person or entity
other than Contractor if such claim would not have arisen but for such
modifications, or (ii) combination or use of the Deliverable in a manner not
provided for in the documentation that is part of the Deliverable in question if
such claim would not have arisen but for such combination or use.

Client warrants and represents that the ideas, concepts, materials and
requirements and all information relating thereto conveyed to Contractor and
incorporated into the Deliverables (collectively, the "CLIENT CONCEPTS"), do not
infringe any patent, copyright or other proprietary right of any third party,
and (ii) Client possesses all rights, title and interests in the Client Concepts
and to allow for the incorporation of the Client Concepts into the Deliverables
free and clear of all liens, encumbrances, claims or restrictions.

7.3    BREACH. In the event of a breach of the Warranty which occurs during the
Warranty Period, Contractor shall be obligated to cure such breach within thirty
(30) days after notice from Client and provided such notice describes the breach
with reasonable detail (hereinafter collectively referred to as a "Breach").

7.4    DISCLAIMER. EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET
FORTH IN THIS AGREEMENT, CONTRACTOR DISCLAIMS ALL REPRESENTATIONS AND
WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

8.     CONFIDENTIAL INFORMATION

8.1    CONTRACTOR'S "CONFIDENTIAL INFORMATION" includes all tangible and
intangible proprietary information or materials furnished by Contractor that are
expressly identified or marked by Contractor as

                                        4
<Page>

"Confidential" (collectively, the Contractor's "Confidential Information"). In
the event Contractor intends to supply Confidential Information for use in
connection with this Agreement (for example, as part of a Deliverable),
Contractor will provide Client with a written summary of such Confidential
Information prior to Contractor's disclosure thereof to Client (although the
failure to provide such written summary shall not adversely affect Contractor's
rights in such Confidential Information).

8.2    CLIENT'S "CONFIDENTIAL INFORMATION" includes all tangible or intangible
information and materials, in any form or medium (and without regard to whether
the information is owned by Client or by a third party), whether furnished or
disclosed to Contractor by Client, or otherwise obtained or accessed by
Contractor from Client, that satisfies at least one of the following criteria:

       8.2.1  Information related to Client's or an Affiliates' business, trade
       secrets, customers (including identities, characteristics and
       activities), business plans, strategies, forecasts or forecast
       assumptions, operations, methods of doing business, records, finances,
       assets, technology (including software, data bases, data processing or
       communications networking systems), data or information that reveals
       research, technology, practices, procedures, processes, methodologies,
       know how, or other systems or controls by which Client's or an
       Affiliate's existing or future products, services, applications and
       methods of operations or doing business are developed, conducted or
       operated, and all information or materials derived therefrom or based
       thereon; or

       8.2.2  Written information or materials designated or identified as
       confidential by Client, whether by letter or by an appropriate
       proprietary stamp or legend, prior to or at the time such information is
       disclosed by Client to Contractor.

8.3    DUTY OF CARE. The party receiving ("receiving party") Confidential
Information of the other party ("disclosing party") will exercise at least the
same degree of care with respect to the disclosing party's Confidential
Information that the receiving party exercises to protect its own Confidential
Information; and, at a minimum, the receiving party will maintain adequate
security measures to safeguard the disclosing party's Confidential Information
from unauthorized disclosure, access, use and misappropriation. Without limiting
the generality of the foregoing, the receiving party will only use or reproduce
the disclosing party's Confidential Information to the extent necessary to
enable the receiving party to fulfill its obligations under this Agreement, or
in the case of Client, to exercise its rights as contemplated by this Agreement.
In addition, the receiving party will disclose the disclosing party's
Confidential Information only to those of the receiving party's Personnel who
have a "need to know" such Confidential Information (and only to the extent
necessary) in order to fulfill the purposes contemplated by the Agreement;
provided such Personnel have been advised of the receiving party's
confidentiality obligations hereunder and agree in writing to be bound by same.
All Confidential Information of each party shall be and remain the sole property
of that party and shall not be removed by the other party from the premises of
the other, except as may be required in the course of its engagement, without
the prior written consent of the other party. Upon termination of this Agreement
or at the request of the disclosing party, the receiving party shall deliver all
Confidential Information promptly to the disclosing party and shall not make,
retain or distribute any copies thereof.

8.4    EXCLUSIONS. The obligations of confidentiality assumed under this
Agreement shall not apply to the extent the receiving party can demonstrate, by
clear and convincing evidence, that such information:

                                        5
<Page>

       8.4.1  is or has become generally available to the public other than as a
       result of any breach of the provisions of this Agreement or any other
       applicable agreement between the parties hereto;

       8.4.2  was rightfully in the possession of the receiving party, without
       confidentiality restrictions, prior to such party's receipt pursuant to
       this Agreement;

       8.4.3  was rightfully acquired by the receiving party from a third party
       who was entitled to disclose such information, without confidentiality or
       proprietary restrictions;

       8.4.4  was independently developed by the receiving party without using
       or referring to the disclosing party's Confidential Information; or,

       8.4.5  is required to be disclosed by the receiving party under order
       from a court or regulatory agency having competent jurisdiction, provided
       that the receiving party promptly notifies the disclosing party in order
       to provide the disclosing party an opportunity to seek a protective
       order.

8.5    INJUNCTIVE RELIEF. Receiving party acknowledges that any breach of its
confidentiality obligations hereunder will constitute immediate and irreparable
harm to disclosing party and/or its successors and assigns, which cannot
adequately and fully be compensated by money damages and will warrant, in
addition to all other rights and remedies afforded by law, injunctive relief,
specific performance and/or other equitable relief.

8.6    COMPLIANCE WITH LAW. The Contractor will implement a reasonably
appropriate security program to reasonably meet the applicable requirements of
Title V of the Gramm-Leach-Bliley Act of 1999 (the "GLB Act") and regulations of
the Office of the Comptroller of the Currency issued pursuant to the GLB Act
("GLB Regulations") in the use, reuse, non-disclosure and protection of
non-public personal information ("NPI") that may be disclosed to it in the
course of this Agreement. Without limiting the generality of the foregoing,
Contractor (a) will use NPI solely for the purpose of performing its duties and
exercising its rights under this Agreement, (b) will not use NPI for any other
purpose, (c) will not disclose or communicate NPI, directly or indirectly, to
any third party except as may be necessary or appropriate for the performance of
Contractor's duties and the exercise of its rights hereunder, and (d) will
maintain reasonably appropriate physical, electronic, and procedural security
measures to reasonably protect against unauthorized access to or use of NPI.
Notwithstanding any term in this Section 8.6, Contractor is not responsible if
(i) any third party improperly obtains access to NPI, or (ii) any other breach
of this Section 8.6, in either case, is due to any act or omission of Client,
its employees or users or any agent or consultant of Client other than
Contractor. Contractor is not obligated to update or modify the Deliverables
with respect to compliance with GLB Regulations after the delivery of the
Deliverables to Client. Contractor shall permit Client to examine and inspect
Contractor's security program and privacy procedures at any time during
Contractor's regular business hours, provided that Client provides reasonable
advance written notice to Contractor.

9.     PROPRIETARY RIGHTS

9.1    WORK PRODUCT. The phrase "Work Product" shall mean all Deliverables,
work, materials, software (object and source code), flow charts, specifications,
designs, processes, computer programs, manuals, modifications, improvements, and
the tangible embodiments of same, made or conceived by

                                        6
<Page>

Contractor or its Personnel in connection with and during the performance of
services under this Agreement, other than Developer's Tools.

9.2    OWNERSHIP RIGHTS. To the extent any Work Product is protectable under
U.S. Copyright laws, such Work Product shall be considered a "work made for
hire" as that phrase is defined by such laws and shall be owned by and for the
sole and exclusive benefit of Client. In the event any such Work Product does
not qualify as a "work made for hire", Contractor hereby irrevocably and
exclusively sells, assigns and transfers to the Client its entire right, title
and interest in and to such Work Product (other than "Developer's Tools" defined
below), including without limitation, all Intellectual Property Rights therein
or relating thereto. Contractor agrees to waive all of its moral rights, if any,
relating to the Work Product, including any rights of identification of
authorship and any and all rights of approval, restriction or limitation on use
thereof or subsequent modifications thereto.

9.3    COOPERATION. Both during the term of this Agreement and thereafter,
Contractor shall, at no cost to Contractor, (i) reasonably cooperate with Client
in the protection and enforcement of any Intellectual Property Rights that
derive from the Work Product; and (ii) provide all reasonable assistance and
execute, acknowledge and deliver all documents reasonably requested by Client in
the establishment, publication, preservation, protection and enforcement of its
rights in said Work Product.

9.4    USE OF THE WORK PRODUCT. Subject to any third party license rights under
Third Party Materials, Contractor agrees and acknowledges that Client shall have
the right in its sole discretion and without further consideration to Contractor
to make any use of the Work Product as it may desire, including without
limitation, creating and implementing software or other derivative works based
thereon, and/or using, selling, licensing or otherwise exploiting the Work
Product or software or other derivative works based thereon, either itself of
through third parties; provided, however, that nothing herein shall obligate
Client to further develop, use or exploit the Work Product.

9.5    DEVELOPER'S TOOLS. "Developer's Tools" shall mean Contractor's
pre-existing, proprietary reusable software code (including derivatives thereof)
that is installed or incorporated in or as part of the Work Product.
"Developer's Tools" also include the enhanced general knowledge, skills and
experience developed by Contractor as a result of Contractor's performance of
services under this Agreement. Contractor hereby grants to Client and its
Affiliate a non-exclusive, fully paid-up, perpetual right and license to use,
copy, modify, display, and make derivative works from the Developer's Tools for
the purposes of using, operating, supporting and/or maintaining the Work
Product. Nothing herein, however, shall be deemed a transfer of ownership of the
Developer's Tools to Client.

9.6    THIRD PARTY INTELLECTUAL PROPERTY. If Contractor intends to include
within the Work Product any software or other intellectual property of a third
party ("Third Party Materials"), or if in order to use the Work Product Client
will be required to use any Third Party Materials, Contractor will so notify
Client and arrange for Client to obtain, at Client's sole cost but subject to
Client's approval, such approval not to be unreasonably withheld or delayed, a
perpetual, royalty-free, non-exclusive right and license to use the Third Party
Materials in connection with Client's or an Affiliates' use of the Work Product.

9.7    NON-EXCLUSIVE RIGHTS. Nothing in this Agreement shall preclude or limit
either party from independently acquiring or developing competitive products or
services for itself or its customers, or from providing competitive products or
services to its customers, so long as such party does not breach the

                                        7
<Page>

obligations it has assumed under this Agreement or otherwise violate the rights
of the other party. Further, nothing in this Agreement will be construed to
restrict either party from using intangible residual know-how or general
knowledge or concepts retained in the mind of such party's employees and
consultants in developing products or performing services provided that such
party or its employees and consultants do not reference, incorporate or use any
Confidential Information or otherwise infringe on the Intellectual Property
Rights of the other party. Further, each party acknowledges that the other may
currently or in the future be developing information internally, or receiving
information from other parties, that is similar to the Work Product.
Accordingly, nothing in this Agreement will be construed as a representation or
agreement that Contractor will not develop or have developed for it products,
concepts, systems or techniques that are similar to or compete with the
products, concepts, systems or techniques contemplated by or embodied in the
Work Product, provided that Contractor does not violate any of its obligations
under this Agreement or otherwise infringe the Intellectual Property Rights of
the Client. Notwithstanding any term in this Agreement to the contrary, and for
purposes of clarification, the parties agree that (1) Client makes no claim to
exclusive ownership of the concepts and processes incorporated in the GATE
Universal System which are generally known in the industry; and (2) except for
the tier pricing and specific content (namely, the data, criteria, variables,
formulas and relationships between each of the data points) embodied in the GATE
Universal System, Contractor may use such concepts and processes incorporated in
the GATE Universal System in developing similar loan origination systems for
itself or others, so long as Contractor does not breach its confidentiality
obligations under this Agreement or violate the copyrights or trade secret
rights of Client.

10.    LIMITATION OF LIABILITY

10.1   EXCEPT FOR CLAIMS ARISING UNDER SECTION 8 (CONFIDENTIAL INFORMATION) AND
SECTION 7.2 (NON-INFRINGEMENT), NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY
(OR TO ANY PERSON OR ENTITY CLAIMING THROUGH THE OTHER PARTY) FOR LOST PROFITS
OR FOR SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR EXEMPLARY DAMAGES ARISING
OUT OF OR IN ANY MANNER CONNECTED WITH THIS AGREEMENT OR THE SUBJECT MATTER
HEREOF, REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT SUCH PARTY HAS BEEN
INFORMED OF, OR OTHERWISE MIGHT HAVE ANTICIPATED, THE POSSIBILITY OF SUCH
DAMAGES.

10.2   Except for claims arising under Section 8 (Confidential Information) and
Section 7.2 (Non-Infringement), notwithstanding any term in this Agreement to
the contrary, Contractor's aggregate liability under this Agreement shall not
exceed the total amount of fees paid to Contractor hereunder.

11.    INDEMNIFICATION

11.1   Contractor shall indemnify, defend and hold harmless Client, including
its officers, directors, agents and employees, from and against all claims,
demands, liability, actions, losses and expenses (including reasonable attorneys
fees) asserted against or incurred by Client without limitation relating to or
arising out of, directly or indirectly, a breach by Contractor of its
representation and warranty of non-infringement in Section 7.2 or a breach by
Contractor of its obligations under Section 8 (Confidential Information). The
indemnification hereunder shall survive termination of this Agreement. This
indemnity under Section 11.1 shall not extend to any claim of infringement
resulting from Client's or its user's unauthorized modification of the
Deliverables or from use or incorporation of such technology with

                                        8
<Page>

products not provided by or recommended by Contractor or by or for Client with
Contractor's approval in a manner for which such technology is not designed. If
any Deliverable is finally adjudged to so infringe, or in Contractor's opinion
is likely to become the subject of such a claim, Contractor shall, at its option
and cost, either: (i) procure for Client the right to continue using the
Deliverables; or (ii) modify or replace the Deliverables in question to make it
non-infringing. Contractor shall have no liability regarding any claim arising
out of: (w) use of other than the unaltered Deliverables accepted by Client
under the terms herein unless the modifications were made or approved by
Contractor, (x) use of the Deliverables in combination with software, data or
equipment not provided or approved by Contractor if the infringement was caused
by such use or combination, (y) any modification or derivation of the
Deliverables not made by or specifically authorized in writing by Contractor or
(z) use of third party software.

THIS SECTION 11.1 STATES THE ENTIRE LIABILITY OF CONTRACTOR AND THE EXCLUSIVE
REMEDY FOR CLIENT RELATING TO INFRINGEMENT OR CLAIMS OF INFRINGEMENT OF ANY
COPYRIGHT OR OTHER PROPRIETARY RIGHT BY THE DELIVERABLES.

11.2   Client shall indemnify, defend and hold harmless Contractor, including
its officers, directors, agents and employees, from and against all claims,
demands, liability, actions, losses and expenses (including reasonable attorneys
fees) asserted against or incurred by Client without limitation relating to or
arising out of, directly or indirectly, a breach by Client of its representation
and warranty of non-infringement in Section 7.2. The indemnification hereunder
shall survive termination of this Agreement.

11.3   A party that becomes aware of any such claim, suit or proceeding shall
give prompt notice thereof to the other party, and the parties shall cooperate
in the defense of such claim, suit or proceeding, including appeals,
negotiations and any settlement or compromise thereof.

12.    TERM AND TERMINATION

12.1   TERM. This Agreement shall commence on the Effective Date and shall
continue in effect until the earlier of (i) termination in accordance with this
Section, or (ii) completion and acceptance by Client of the System in accordance
with the terms of this Agreement.

12.2   TERMINATION.  This Agreement may be terminated as follows:

       12.2.1 Either party may terminate this Agreement upon thirty (30) days
       written notice to the other party in the event of a material breach of
       any provision in this Agreement, provided that, the breaching party fails
       to perform or cure said breach within thirty (30) days after written
       notice thereof.

       12.2.2 Client, in its sole discretion, may terminate this Agreement for
       any reason upon sixty (60) days written notice to Contractor. In the
       event Client terminates this Agreement in accordance with this paragraph,
       Client shall have no further obligation hereunder other than amounts owed
       for services actually performed (based on Contractor's hours incurred at
       the hourly rates set forth in the Proposals).

12.3   ORDERLY TRANSFER. Upon the termination of this Agreement for any reason
whatsoever (including

                                        9
<Page>

a default by either party), Contractor will provide such information,
cooperation and assistance to Client, as Client may reasonably request, to
assure an orderly return or transfer to Client or Client's designee of all
Client Confidential Information (and related records and files) and all Work
Product (to the extent paid for by Client, provided, however, that any payment
by Client shall not be construed as a waiver of or limitation on its rights
under this Agreement), in its then current condition. In addition, except as
otherwise expressly provided in this Agreement, upon the request of a party
after such expiration or termination, the other party will return (or purge its
systems and files of, and suitably account for) all Confidential Information
supplied to, or otherwise obtained by, such party in connection with this
Agreement. A party will certify in writing that it has fully complied with its
obligations under this Section within seven days after its receipt of a request
by the other party for such a certification. Nothing in this Section 12.3 shall
be construed to limit either party's right to seek relief from damages that are
caused by the other party's default.

13.    RELATIONSHIP BETWEEN THE PARTIES

Contractor will perform all work contemplated by this Agreement as an
independent contractor. Neither this Agreement nor Contractor's performance of
work herein shall create an association, partnership, joint venture, or
relationship of principal and agent, master and servant, or employer and
employee, between Client and Contractor; and neither party will have the right,
power or authority (whether expressed or implied) to enter into or assume any
duty or obligation on behalf of the other party.

14.    FORCE MAJEURE

Each party will be excused from a delay in performing, or a failure to perform,
its obligations under this Agreement to the extent such delay or failure is
caused by the occurrence of any contingency beyond the reasonable control (and
without any fault) of such party. In such event, the performance times shall be
extended for a period of time equivalent to the time lost because of the
excusable delay; provided, however, the party relying on the excusable delay
shall promptly notify the other party thereof and take commercially reasonable
steps to return to full performance as soon as practicable. However, if an
excusable delay continues more than sixty (60) consecutive calendar days, and
provided the delay was not due to the acts or omissions of the party not relying
on the excusable delay, the party not relying on the excusable delay may, at its
option (and without penalty or financial obligation of any kind), terminate this
Agreement upon notice to the other party; provided, however, that all fees
payable to Contractor through the effective date of such termination shall be
payable to Contractor and such fees shall be determined based upon the hours
incurred by Contractor through the date of termination at Contractor's hourly
rates set forth in the Proposals.

15.    ASSIGNMENT

Neither party may assign this Agreement or any of its rights or interests
hereunder, nor delegate or subcontract any work or obligation to be performed
hereunder, without the prior written consent of the other party, which consent
shall not be unreasonably withheld. Any attempted assignment, delegation or
subcontracting in contravention of this provision shall be null and void, and of
no force or effect. Notwithstanding the foregoing, (a) Client may, with notice
to Contractor, assign this Agreement and delegate its obligations hereunder, to
(i) an Affiliate, (ii) Client's successor pursuant to a merger, consolidation or
sale, or (iii) an entity that acquires all or substantially all of Client's
assets; and (b)

                                       10
<Page>

Contractor may, with written notice to Client, assign this Agreement and
delegate its obligations hereunder, to (i) an Affiliate, (ii) Contractor's
successor pursuant to a merger, consolidation or sale, or (iii) an entity that
acquires all or substantially all of Contractor's assets. This Agreement shall
bind, and inure to the benefit of, the respective legal successors and permitted
assigns of the parties.

16.    NON-SOLICITATION

During and for a period of one (1) year following termination of this Agreement,
Contractor shall not, without prior written consent of Client, hire or attempt
to hire any employee of Client. During and for a period of one (1) year
following termination of this Agreement, Client and its Affiliates shall not,
without prior written consent of Contractor, hire or attempt to hire any
employee of Contractor.

17.    NOTICES

All notices, demands and other communications hereunder shall be in writing and
shall be deemed given to the other party when delivered by personal delivery,
overnight, regular or certified mail, or by messenger or courier services
properly addressed to the party set forth below, postage or fees prepaid or
billed to sender's account with proof of delivery, or in the case of certified
mail or overnight delivery, rejection after attempted delivery. For purposes of
this Agreement, mail notices shall be deemed given upon three (3) business days
following deposit in the mail. Either party may, by notice, specify a different
person or address than the person or address listed below.

       Contractor Contract Representative       Client Contact Representative:

       V-Tek Systems Corporation                The First Marblehead Corporation
       Attn: Bernard Abrams                     Attn: Ralph James
       1315 Valley Vista Drive                  30 Little Harbor
       Diamond Bar, California 91765            Marblehead, Massachusetts 01945

18.    REMEDIES

All remedies in this Agreement are cumulative and in addition to (not in lieu
of) any other remedies available to a party at law or in equity, subject only to
the express limitations on liabilities and remedies set forth herein. In the
event of a claim by Client for loss or damages, Client shall be entitled to
adjust the amounts claimed against future or outstanding payments due, or which
may become due, to Contractor.

19.    CHOICE OF LAW, JURISDICTION, WAIVER

19.1   GOVERNING LAW. The laws of the State of California shall in all respects
govern this Agreement as an agreement executed in, and to be entirely performed
within, the State of California without giving effect to the conflict of laws
principles thereof. For the avoidance of doubt, nothing stated in this Agreement
will prejudice or limit the rights or remedies of either party to enforce any
award or decree under the laws of any jurisdiction where property or assets of
the other party may be located.

19.2   JURISDICTION. In the event Client commences the litigation, all claims or
disputes arising out of or in connection with this Agreement shall be heard
exclusively by a federal or state court sitting in Suffolk

                                       11
<Page>

County, Commonwealth of Massachusetts. In the event Contractor commences the
litigation, all claims or disputes arising out of or in connection with this
Agreement shall be heard exclusively by a federal or state court sitting in Los
Angeles County, State of California. Each party waives any objection it may have
to any proceedings brought in any such court, waives any claim that the
proceedings have been brought in an inconvenient forum, and further waives the
right to object (with respect to such proceedings) that such court does not have
jurisdiction over such party. Without limiting the generality of the forgoing,
Contractor and Client specifically consents to personal and subject matter
jurisdiction for such claims in the federal or state court sitting in Suffolk
County, Commonwealth of Massachusetts, and Los Angeles County, State of
California.

20.    WAIVER

No course of dealing, failure by either party to require the strict performance
of any obligation assumed by the other hereunder, or failure by either party to
exercise any right or remedy to which it is entitled, shall constitute a waiver
or cause a diminution of the obligations or rights provided under this
Agreement. No provision of this Agreement shall be deemed to have been waived by
any act or knowledge of either party, but only by a written instrument signed by
a duly authorized representative of the party to be bound thereby. Waiver by
either party of any default shall not constitute a waiver of any other or
subsequent default.

21.    CONSTRUCTION

21.1   HEADINGS. Section headings contained in this Agreement are inserted for
convenience only, and shall not be considered for defining, limiting or
interpreting the terms and provisions.

21.2   INCONSISTENCIES. In the event of any inconsistency between the provisions
of this Agreement and the Proposals, the provisions of this Agreement shall
govern. The provisions of this Agreement and the Proposals shall supersede the
provisions of any work order or other engagement provisions submitted by
Contractor.

21.3   SEVERABILITY. If a court of competent jurisdiction declares any provision
of this Agreement to be invalid, unlawful or unenforceable as drafted, the
parties intend that such provision be amended and construed in a manner designed
to effectuate the purposes of the provision to the fullest extent permitted by
law. If such provision can not be so amended and construed, the provision shall
be severed, and the remaining provisions shall remain unimpaired and in full
force and effect to the fullest extent permitted by law.

21.4   MODIFICATION. The terms, conditions, covenants and other provisions of
this Agreement may hereafter be modified, amended, supplemented or otherwise
changed only by a written instrument that specifically purports to do so and is
signed by a duly authorized representative of each party.

21.5   SURVIVAL. The provisions of this Agreement that, by their nature and
content, must survive the completion, rescission, termination or expiration of
this Agreement in order to achieve the fundamental purposes of this Agreement
(including the provisions of Sections 6 through 22) shall so survive and
continue to bind the parties.

                                       12
<Page>

21.6   COMPLETE UNDERSTANDING. This Agreement (together with the schedules,
exhibits, and other appendices attached hereto or specifically incorporated
herein by reference) constitutes the complete understanding of the parties with
regard to the subject matter hereof. This Agreement supersedes all prior or
contemporaneous agreements, discussions, negotiations, promises, proposals,
representations, and understandings (whether written or oral) between the
parties with regard to the subject matter hereof. Contractor specifically
acknowledges and agrees that it did not enter into this Agreement in reliance
upon any agreement, promise, representation, or understanding made by or on
behalf of Client that is not contained herein.

21.7   COUNTERPARTS. This Agreement may be executed in counterparts, each of
which shall be deemed to be an original, and all of which together shall
constitute one instrument.

22.    DISPUTE RESOLUTION

22.1   MEDIATION. In the event of a dispute between the parties hereto arising
from this Agreement or the interpretation thereof, or the performance of the
services by Contractor hereunder, then before filing a lawsuit, the parties
agree to first submit the dispute to non-binding mediation with a mutually
acceptable mediator, and each party shall bear one-half (1/2) of the mediator's
fees and expenses. Except as expressly set forth below, if any party files a
lawsuit or submits the dispute to arbitration without complying with the
foregoing requirement, that party shall waive its right to any attorneys' fees
to which such party may be entitled to under this Agreement. Notwithstanding the
foregoing, if a party submits a written request to mediate a dispute to the
other party and the latter fails to respond in good faith and to take reasonable
steps to initiate mediation within thirty (30) days of receipt of such notice,
the party requesting the mediation shall then be free to file an arbitration
action and there shall be no waiver of any entitlement to attorneys' fees under
the preceding sentence. No provision of this Section 24.1 shall, however, limit
or affect the right of a party to obtain provisional or ancillary equitable
remedies or relief from a court of competent jurisdiction before, after or
during the pendency of any mediation.

22.2   ARBITRATION. After first submitting the dispute to mediation as described
in Section 22.1 above, any controversy or claim between the parties, including,
but not limited to, those arising out of or relating to this Agreement or any
agreements or instruments relating hereto and any claim based on or arising from
an alleged tort, shall at the request of a party be determined by binding
arbitration. If commenced at the request of Client, the arbitration shall be
conducted in Boston, Massachusetts, and if commenced at the request of
Contractor, the arbitration shall be conducted in Los Angeles, California (or in
either event in any other location mutually agreed to by the parties) in
accordance with the United States Arbitration Act (Title 9, U.S. Code),
notwithstanding any choice of law provision in this Agreement, and under the
auspices and rules of the American Arbitration Association then in effect. Each
party may serve a single request for production of documents. If disputes arise
concerning these requests, the arbitrators shall have sole and complete
discretion to determine the disputes. The arbitrators shall give effect to
statutes of limitation in determining any claim, and any controversy concerning
whether an issue can be arbitrated shall be determined by the arbitrators. The
arbitrators shall deliver a written opinion setting forth findings of fact,
conclusions of law and the rationale for the decision and shall reconsider the
decision once upon the motion and at the expense of a party. Judgment upon the
decision rendered by the arbitrators may be entered in any court having
jurisdiction. The institution and maintenance of an action for judicial relief
or pursuit of provisional or ancillary equitable remedies and relief shall not
constitute a waiver of the right of any party, including the plaintiff, to
submit the controversy or claim to arbitration if the other party

                                       13
<Page>

contests such action for judicial relief. No provision of this Section 22.2
shall limit or affect the right of a party to this Agreement to obtain
provisional or ancillary equitable remedies or relief from a court of competent
jurisdiction before, after, or during the pendency of any arbitration. The
exercise of a remedy does not waive the right of either party to resort to
arbitration.

22.3.  LEGAL FEES. If a legal action or arbitration proceeding is commenced in
connection with any dispute under this Agreement, the prevailing party shall be
entitled to reasonable attorneys' fees actually incurred, costs and necessary
disbursements incurred in connection with such action or proceeding, as
determined by the court or arbitrators.

IN WITNESS WHEREOF, the parties hereto, through their duly authorized officers,
have executed this Development Agreement as of the day, month and year first
above written.

Contractor: V-Tek Systems Corporation   Client: The First Marblehead Corporation

By:    /s/ Bernard D. Abrams            By:    /s/ Ralph James
       -----------------------------           ---------------------------------
Name:  Bernard D. Abrams                Name:  Ralph James
       -----------------------------           ---------------------------------
Title: President/CEO                    Title: President & CEO
       -----------------------------           ---------------------------------
Date:  7/8/2003                         Date:  7/11/2003
       -----------------------------           ---------------------------------

                                       14
<Page>

                                   EXHIBIT A.1

                     REVISED GATE UNIVERSAL PROCESS PROPOSAL
                              DATED APRIL 17, 2002

                                       15
<Page>

                                   EXHIBIT A.2

    REVISED GATE UNIVERSAL PROCESS PROPOSAL ADDENDUM DATED SEPTEMBER 26, 2002

                                       16
<Page>

                                   EXHIBIT A.3

                        GATE STUDENT - SSN AUTHENTICATION
                         PROPOSAL DATED NOVEMBER 7, 2002

                                       17
<Page>

                                   EXHIBIT A.4

                   GATE UNIVERSAL ADDITIONAL DATA REQUIREMENTS
                        PROPOSAL DATED FEBRUARY 27, 2003

                                       18
<Page>

                                    EXHIBIT B

                SPECIFICATION DOCUMENTS FOR GATE UNIVERSAL SYSTEM

See attached Business/Functional Requirement Documents for the following Tasks
and Processes (received by Client from Contractor via email attachments on May
20, 2003):

Task #1233 - AES School Inquiry
Task #1150 - Outbound File Process
Task #1151 - Email Generation
Task #1153 - Credit Results
Task #1154 - Credit Analysis
Task #1155 - Reporting Process
Task #1156 - Borrower Application Enrollment (Web)
Task #1157 - Borrower Web Claiming
Task #1158 - Cosigner Information Entry (Web)
Task #1160 - Borrower Acceptance Entry (Web)
Task #1161 - Borrower Requests New Cosigner Entry (Web)
Task #1180 - File Reconciliation and Mapping
Task #1231 - AES Login and Function Menu
Task #1232 - AES Cosigner Inquiry
Task #1149 - Validation and Inbound File Process
Task #1234   AES Password Inquiry

                                       19
<Page>

                                    EXHIBIT C

                              ACCEPTANCE TEST PLAN

FUNCTIONALITY MODULES OF THE GATE UNIVERSAL SYSTEM (STATUS AS OF 6/30/03)

 -   Email Programs                                  Completed
 -   Inbound Program                                 Completed
 -   Outbound Program                                Completed
 -   Credit Results Program                          Completed
 -   Credit Analysis Program                         Completed
 -   Credit Send File (Out to BA)                    Completed
 -   Credit Result File ( In from BA)                Completed
 -   Report Program                                  Completed
 -   Modify FMC Converter                            Completed
 -   Borrower Enrollment Form Programs               Completed
 -   Borrower Web Claiming Pages                     Completed
 -   Cosigner Information Web Claiming Pages         Completed
 -   Borrower Requests New Cosigner Pages            Completed
 -   Borrower Acceptance Pages                       Completed
 -   AES Menu Functions
       -   AES School Tier Inquiry Function          Completed
       -   New Borrower and Cosigner PIN Function    Completed
       -   Password Encryption Utility               Completed
       -   New Cosigner by Phone Function            Completed

Specifications (and source code) for each of the above Modules completed,
delivered to FMC and approved by FMC.

QA all Web Pages
Web Graphics and Design

Complete internal UAT V-Tek on all completed modules
QA Web Finals
Development Implementation Process
Credit Analysis Development QA
Credit File Transfer QA
Borrower Acceptance Development QA

                                       20
<Page>

TEST PHASE 1:  INTERNAL QA (V-TEK)               COMPLETED BY JUNE 15, 2003***

All development and functionality tested and approved by internal V-Tek QA
staff.

A. This Phase will test production functionality of above stated Functionality
Modules separately.

B. This phase will test the functionality and integrity of the complete workflow
on the following:

         -    Web Enrollment Flow
         -    Data File Transfer Flow

TEST PHASE 2:  FMC UAT                               COMMENCE JUNE 16, 2003***

All development and functionality tested and approved by FMC.

A.  This Phase will test production functionality of above stated Functionality
Modules separately.

B.  This phase will test the functionality and integrity of the complete
workflow on the following:

         -    Web Enrollment Flow
         -    Data File Transfer Flow

PRODUCTION AND IMPLEMENTATION APPROVAL               JULY 1, 2003**

Final sign off from FMC that System is ready for production. Final set of
production specifications (and source code) delivered to FMC.

**These are estimated target dates, subject to change and dependent on approvals
of BA.

                                       21
<Page>

                                    EXHIBIT D

                            FEES AND PAYMENT SCHEDULE

GATE UNIVERSAL PROCESS PROPOSAL
SUMMARY

<Table>
<Caption>
                                                         DATE    GRAND TOTAL   PAYMENT   PAYMENT   PAYMENT
                                                         ----    -----------   -------   -------   -------
<S>                                                      <C>     <C>            <C>       <C>       <C>
                                                                                [**]%     [**]%     [**]%

GATE UNIVERSAL PROCESS PROPOSAL                         4/17/02  $      [**]     Yes       Yes       TBD

GATE UNIVERSAL PROCESS PROPOSAL ADDENDUM                11/7/02  $      [**]     Yes       Yes       TBD

GATE UNIVERSAL PROCESS PROPOSAL ADDENDUM                9/26/02  $      [**]     Yes       Yes       TBD
SSN AUTHENTICATION

GATE UNIVERSAL DATA REQUIREMENTS (BANK OF AMERICA)               $      [**]     Yes       Yes       TBD
                                                                 -----------
                                                                 $      [**]
</Table>

TERMS

[**]% ON PROJECT ACCEPTANCE
[**]% ON COMPLETION OF DEVELOPMENT
[**]% ON PROJECT COMPLETION

                                       22
<Page>

                         GATE UNIVERSAL PROCESS PROPOSAL
                                    17-APR-02

<Table>
<Caption>
                                                                                    HOURS           COST
<S>                                                                                  <C>             <C>
PROGRAM MANAGEMENT                                                                   [**]            $____[**]

PROGRAMMING
                     Creation of Database Schema                                     [**]            $____[**]
                     New Inbound Program                                             [**]            $____[**]
                     New Email Program                                               [**]            $____[**]
                     New Credit Request Program                                      [**]            $____[**]
                     New Credit Results Program                                      [**]            $____[**]
                     New Credit Reports Program                                      [**]            $____[**]
                     New Credit Analysis Program                                     [**]            $____[**]
                     New GU Report Program                                           [**]            $____[**]
                     New Borrower Enrollment Form Pages                              [**]            $____[**]
                     Revised Borrower Web Claiming Pages                             [**]            $____[**]
                     New Cosigner Information Entry Pages                            [**]            $____[**]
                     New School Cert Entry Pages                                     [**]            $____[**]
                     New Borrower Acceptance Entry Pages                             [**]            $____[**]
                     New Borrower Requests New Cosigner Entry Pages                  [**]            $____[**]
                     Modify Existing FMC Converter                                   [**]            $____[**]

QUALITY ASSURANCE
                     Individual Program Testing                                      [**]            $____[**]
                     System Flow Testing                                             [**]            $____[**]

                     Initial Analysis and Documentation Fee                          [**]            $____[**]

                                                                        GRAND TOTAL                  $    [**]
TERMS
                     SOFTWARE DEVELOPMENT FEES ARE PAYABLE AS FOLLOWS:               PAID

                     [**]% on Project Acceptance                                     [**]
                     [**]% on Completion of Development                              [**]
                     [**]% on Project Completion                                     [**]
</Table>

                                       23
<Page>

                    GATE UNIVERSAL PROCESS PROPOSAL ADDENDUM
                                    26-SEP-02

<Table>
<Caption>
                                                                                    HOURS            COST
<S>                                                                                  <C>             <C>
PROGRAM MANAGEMENT                                                                   [**]            $____[**]

DEVELOPMENT
                     Borrower Enrollment Form Page                                   [**]            $____[**]
                     Borrower Web Claiming Page                                      [**]            $____[**]
                     Cosigner Information Entry Page                                 [**]            $____[**]
                     Borrower Acceptance Page                                        [**]            $____[**]
                     Borrower Requests New Cosigner Entry Page                       [**]            $____[**]
                     New Borrower and Cosigner PIN Function                          [**]            $____[**]
                     Password Encryption Utility                                     [**]            $____[**]

QUALITY ASSURANCE                                                                    [**]            $____[**]

                                                                        GRAND TOTAL                  $____[**]

TERMS
                     SOFTWARE DEVELOPMENT FEES ARE PAYABLE AS FOLLOWS:               PAID

                     [**]% on Project Acceptance                                     [**]
                     [**]% on Completion of Development                              [**]
                     [**]% on Project Completion                                     [**]
</Table>

                                       24
<Page>

                    GATE UNIVERSAL PROCESS PROPOSAL ADDENDUM
                               SSN AUTHENTICATION
                                    7-NOV-02

<Table>
<Caption>
                                                                                    HOURS              COST
<S>                                                                                  <C>             <C>
PROGRAM MANAGEMENT                                                                   [**]                 [**]

                     Design changes to remove school cert                            [**]                 [**]

DEVELOPMENT
                     Email Program                                                   [**]            $____[**]
                     Borrower Enrollment Form Pages                                  [**]            $____[**]
                     Cosigner Information Entry Pages                                [**]            $____[**]
                     New AES Menu Function                                           [**]            $____[**]
                     New AES School Tier and Inquiry Function                        [**]            $____[**]
                     New Cosigner by Phone Function                                  [**]            $____[**]

QUALITY ASSURANCE                                                                    [**]            $____[**]
JOB SCHEDULING
                     Create and test schedule scripts                                [**]            $____[**]
                     Smart Batch Software                                                            $____[**]

                                                                              TOTAL                  $    [**]

DISCOUNT FOR SCHOOL CERTIFICATION WEB FUNCTION

                     Development at [**] per hour                                    [**]            $    [**]
                     Quality Assurance at [**] per hour                              [**]            $    [**]
                     Develop on Report Program                                       [**]            $    [**]
                     Program Management at [**] per hour                             [**]            $    [**]
                     Quality Assurance at [**] per hour                              [**]            $    [**]

                                                                    TOTAL DEBITS                     $    [**]

                                                                     GRAND TOTAL                     $    [**]

                     NOTE: THE DISCOUNT PROGRAM MANAGEMENT AND QUALITY
                     ASSURANCE HOURS REFLECT THE DISCOUNTS GIVEN ON INITIAL
                     PROPOSAL APRIL 17, 2002.

TERMS
                     SOFTWARE DEVELOPMENT FEES ARE PAYABLE AS FOLLOWS:               PAID

                     [**]% on Project Acceptance                                     [**]
                     [**]% on Completion of Development                              [**]
                     [**]% on Project Completion (Production Ready)                  [**]
</Table>

                                       25
<Page>

                        GATE UNIVERSAL DATA REQUIREMENTS

                                    27-FEB-03

<Table>
<Caption>
                                                                                    HOURS              COST
<S>                                                                                 <C>              <C>
PROGRAM MANAGEMENT                                                                   [**]            $____[**]

DEVELOPMENT
                     Database                                                        [**]            $____[**]
                     Web Pages                                                       [**]            $____[**]

QUALITY ASSURANCE                                                                    [**]            $____[**]

                                                                              TOTAL  [**]            $    [**]

TERMS
                     SOFTWARE DEVELOPMENT FEES ARE PAYABLE AS FOLLOWS:               PAID

                     [**]% on Project Acceptance                                     [**]
                     [**]% on Completion of Development                              [**]
                     [**]% on Project Completion (Ready for Production)              [**]
</Table>

                                       26

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]