Document:

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                                                                   EXHIBIT 10.10

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

                          GATE UNIVERSAL LOAN PROGRAM:
                               UMBRELLA AGREEMENT
                             (Bank of America, N.A.)

     THIS UMBRELLA AGREEMENT (the "Agreement") is made and dated as of the 7th
day of March, 2003, by and among THE NATIONAL COLLEGIATE TRUST, a Delaware
business trust "NCT"), THE FIRST MARBLEHEAD CORPORATION, a Delaware corporation
("Marblehead"), and BANK OF AMERICA, N.A., a national banking association having
its principal office located in the State of California (the "Program Lender").

                                    RECITALS

     A.   NCT has established its GATE Universal Loan Program (the "GATE
Universal Program") to assist students and parents in financing education at
various institutions of higher education. Pursuant to the GATE Universal
Program, NCT promotes the expansion of student and parent loan lending
activities by agreeing to purchase or cause to be formed one or more special
purpose business trusts or other entities (each a "Purchaser Trust") to purchase
promissory notes and/or credit agreements (the "Notes") evidencing loans
conforming to the GATE Universal Program ("GATE Universal Conforming Loans")
following origination. The purchase price payable by each Purchaser Trust for a
given pool of GATE Universal Conforming Loans is funded through issuance and
sale by the Purchaser Trust of certificates or other evidences of indebtedness
or equity, the repayment of which is supported by the income stream from the
GATE Universal Conforming Loans included in such pool (each such transaction, a
"Securitization Transaction").

     B.   NCT has requested that the Program Lender originate and make available
for purchase by Purchaser Trusts from time to time GATE Universal Conforming
Loans and to serve as the primary lending institution participating in the GATE
Universal Program.

     C.   Marblehead acts as financial advisor for NCT in connection with the
GATE Universal Program in connection with Securitization Transactions and
facilitates the marketing of the GATE Universal Program to educational
institutions and their students.

     D.   The parties desire to set forth herein certain terms and conditions
affecting NCT, Marblehead and the Program Lender relating to the Program
Lender's participation in the GATE Universal Program.

     NOW, THEREFORE, in consideration of the above Recitals and for other good
and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

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                                    AGREEMENT

     1.   DEFINITIONS. For purposes of this Agreement, the following terms shall
have the following meanings:

     "Affiliate" shall mean as to any person any Other person which, directly or
indirectly, is in control of, is controlled by, or is under common control with,
such person. A person shall be deemed to control another person if the
controlling person possesses directly or indirectly, the power to direct or to
cause the direction of the management and policies of the other person, whether
through the ownership of voting securities, by contract or otherwise.

     "Business Day" shall mean any day other than: (a) a Saturday or Sunday, or
(b) a day on which banking institutions in the State of California are required
or authorized by law or executive order to be closed.

     "Change in Control" means:

     (a)  With respect to the Program Lender, any of the following:

          (1)  The acquisition by any other entity, individual or group (within
     the meaning of Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act
     of 1934, as amended (the "Exchange Act") of beneficial ownership (as
     defined in Rule 13d-3 promulgated under the Exchange Act) of more than
     fifty percent (50%) of the common stock of the Program Lender and/or other
     securities which have more than fifty percent (50%) of the combined voting
     power of the Program Lender's securities entitled to vote in the election
     of directors; or

          (2)  The sale of all or substantially all of the common stock or
     assets of the Program Lender to any other entity, individual or group; or

          (3)  The reorganization, merger or consolidation of the Program Lender
     in which the shareholders of Program Lender immediately before such event
     will not immediately thereafter own more than fifty percent (50%) of the
     combined voting power entitled to vote in the election of directors of the
     reorganized, merged or consolidated Program Lender's voting securities.

     (b)  With respect to Marblehead, any one transaction or a series of
transactions within six (6) months of each other in which there is a change of
beneficial ownership of more than fifty percent (50%) of the common stock or
other equity interests representing the right to elect directors or otherwise
determine the management of the company, and shall not include any initial
public offering in which fifty percent (50%) or less of the common stock of
Marblehead is sold to the public.

     (c)  A "Change in Control" shall not include any transactions with an
entity which is an Affiliate immediately prior to such transaction.

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     "Co-Lender Indemnification Agreement" shall mean a mutual indemnification
agreement between Program Lender and any other person or entity originating GATE
Universal Conforming Loans which will be pooled with GATE Universal Conforming
Loans originated by Program Lender in any Securitization Transaction, which
mutual indemnification agreement shall be satisfactory in form and substance in
all reasonable respects to Program Lender.

     "Competing Lender" shall have the meaning given such term in Paragraph 9
below.

     "Confidential Information" shall have the meaning given such term in
Paragraph 11(a) below.

     "Currently Scheduled Termination Date" shall mean May 31, 2004, provided,
however, that such date shall automatically be extended for an additional year
on such date and each anniversary thereof, unless (a) any party shall have given
notice of termination at least one hundred eighty (180) days prior to the end of
the then-current term or (b) as otherwise permitted under the definition of
"Termination Date," in which case the termination set forth in such notice shall
govern.

     "Effective Date" shall have the meaning given such term in Paragraph 25
below.

     "GATE Universal Approved School" shall mean any accredited degree-granting
undergraduate or graduate institution of higher education in the United States
with a FFELP 2-year default cohort of less than 12% in the most recent year in
which these statistics are available through the Department of Education. The
institutions listed on Exhibit A attached hereto have been previously approved
by NCT and Marblehead and are hereby deemed acceptable by Program Lender as GATE
Universal Approved Schools.

     "GATE Universal Conforming Loans" shall have the meaning given such term in
Recital A above.

     "GATE Universal Product Offerings" means the tiered pricing options shown
on Exhibit B attached hereto, as amended from time to time.

     "GATE Universal Program" shall have the meaning given such term in Recital
A above.

     "Lender Competing Program" shall have the meaning given such term in
Paragraph 9 below.

     "Loan Packaging and Funding Agreement" shall have the meaning given such
term in Paragraph 6 below.

     "No-Pledge or Proceeds Discount School" shall mean a school that chooses to
offer loans only in tiers that require no pledge or proceeds discount in the
School Pledge or Proceeds Discount row of Exhibit B.

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     "Note Purchase Agreement" shall mean the agreement of that name between
Program Lender and Marblehead for the GATE Universal program.

     "Notes" shall have the meaning given such term in Recital A above.

     "Participating Institution" shall mean an educational institution which
has, where appropriate, executed and delivered a Participation Agreement
(Exhibit E1) or a School Enrollment Form (Exhibit E2) and, in the case of a
Pledge School or Proceeds Discount School, with which the Program Lender has
entered into a Loan Packaging and Funding Agreement.

     "Participation Agreement" shall mean the agreement between NCT and a
Participating institution establishing the terms of the participation of such
Participating Institution in the GATE Universal Program referred to in Paragraph
12(b) below.

     "Pledge" shall mean, with respect to any GATE Universal Conforming Loan,
the percentage amount shown in the School Pledge row in Exhibit B to this
agreement or in any School-Specific GATE Universal Product Offering approved by
Program Lender. The Pledges shown on Exhibit B represent, to the extent of the
percentages shown thereon (a) a limited guaranty equal to the Guaranty Limit,
which is equal to the sum of the pledge amounts for each tier of loans included
in a Pool, such pledge amounts to be calculated as the total gross principal
amount (including financed fees) of GATE Universal Loans funded by Program
Lender in the tier in the Pool Open Period times the Pledge percentage shown on
Exhibit B for that tier; and (b) after the purchase of loans by a Purchaser
Trust in which the Participating Institution has an equity interest, an
obligation to fund mandatory capital contributions or otherwise reimburse a
Purchaser Trust for defaults.

     "Pledge School" or "Proceeds Discount School" shall mean a school that
chooses to offer loans in at least one tier that requires a Pledge or Proceeds
Discount, as the case may be, in the School Pledge or Proceeds Discount row of
Exhibit B.

     "Proceeds Discount" shall mean with respect to any GATE Universal
Conforming Loan, the percentage shown in the Proceeds Discount row in Exhibit B
to this Agreement or in any School-Specific GATE Universal Product Offering
approved by Program Lender. The Proceeds Discounts shown on Exhibit B represent
the percentage to be withheld from the face amount of each GATE Universal Note
when loan proceeds are disbursed to Participating Institution for a Borrower in
that tier.

     "Program Manual" shall mean a detailed manual setting forth the terms,
conditions, eligibility, policies and procedures for the GATE Universal Program
as the same may be amended from time to time as provided in Paragraph 12 below.

     "Program Year" shall mean the period from May 1 through April 30.

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     "Proprietary Information" shall have the meaning given such term in
Paragraph 11(b) below.

     "Purchaser Trust" shall have the meaning given such term in Recital A
above.

     "School Enrollment Form" shall mean the form that is attached hereto as
Exhibit E2 and entered into by No-Pledge or Proceeds Discount Schools
establishing the participation of such schools in the GATE Universal Program.

     "School-Specific GATE Universal Product Offerings" has the meaning given to
it in Paragraph 5 below.

     "Securitization Transaction" shall have the meaning given such term in
Recital A above.

     "Termination Date " shall mean the earliest to occur of:

     (a)  The Currently Scheduled Termination Date;

     (b)  The date of delivery by NCT, on the one hand, or the Program Lender,
on the other hand, of written notice that the other party has failed to
consummate a Securitization Transaction pursuant to the Note Purchase Agreement
notwithstanding that all conditions precedent to such party's obligation to do
so set forth in the Note Purchase Agreement have been satisfied;

     (c)  The thirtieth day following the date of delivery by NCT and
Marblehead, on the one hand, and the Program Lender, on the other hand, of
written notice that another party has materially breached this Agreement, unless
such party cures such breach on or before such thirtieth day, it being expressly
understood and agreed that the failure to make any payment required hereunder
shall constitute a material breach;

     (d)  Any party hereto shall file any proceeding under the U.S. Bankruptcy
Code or similar state insolvency act, or shall be the subject of any involuntary
bankruptcy proceeding, which proceeding is not dismissed within sixty (60) days
after the filing thereof; or

     (e)  The date of delivery by Marblehead or the Program Lender of written
notice that there has occurred a Change in Control of the party receiving such
notice and that the party giving notice, in its sole and absolute discretion,
has elected to terminate this Agreement.

     2.   TERM OF AGREEMENT; POST-TERMINATION DATE TRANSACTIONS. This Agreement
shall be effective from the Effective Date to but not including the Termination
Date; provided, however, in the event the Termination Date shall occur during a
Pool Open Period (as that term is defined in the Note Purchase Agreement), upon
the written request of NCT the Program Lender shall sell and assign to NCT or a
Purchaser Trust all GATE Universal Conforming Loans originated by the Program
Lender during such Pool Open Period to and including such Termination Date for
the Minimum Purchase Price (as defined in the Note Purchase Agreement);

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provided, however, that: (a) the conditions precedent to the Program Lender's
obligation to sell GATE Universal Conforming Loans to NCT or a Purchaser Trust
set forth in subsections (2), (4), (5), (6), and (7) of Section 3.01(c) of the
Note Purchase Agreement, which are incorporated herein by this reference, shall
have been met to the satisfaction of the Program Lender, (b) Marblehead, NCT,
all Purchaser Trusts to whom the Program Lender has sold GATE Universal
Conforming Loans and the purchasing Purchaser Trust shall be in compliance with
all terms and conditions set forth in Paragraph 13 below, and (c) such sale
transaction shall be consummated no later than the last day of the 180-day
post-Pool Closing Date period.

     3.   RELATIONSHIP TO GATE: GUARANTEED ACCESS TO EDUCATION PROGRAM;
TRANSITION. The GATE: Guaranteed Access to Education Program ("GATE Student
Program"), which is governed by the Gate Student Loan Program Umbrella Agreement
entered into by NCT, Marblehead, and Bank of America, N.A. and dated as of June
1, 1996, as amended ("GATE Student Umbrella Agreement"), is unaffected by this
Agreement and the GATE Student Umbrella Agreement remains in full force and
effect. An educational institution may opt to remain a participant in the GATE
Student Program and simultaneously become a participant in the creditworthy tier
(i.e., Tier 1) of the GATE Universal Program. In all other circumstances, the
parties to this Agreement agree that the GATE Universal Program described herein
will be offered to individual educational institutions to replace the GATE
Student Program and that once, on or after May 1, 2003, an educational
institution becomes a Participating Institution in the GATE Universal Program
under the terms and conditions set forth in this Agreement, except as expressly
set forth above, the GATE Student Program for that Participating Institution
will terminate.

     4.   IDENTIFICATION AND APPROVAL OF PARTICIPATING INSTITUTIONS.

     (a)  For any GATE Universal Approved School that is a No-Pledge or Proceeds
          Discount School, Program Lender agrees to originate GATE Universal
          Conforming Loans to students enrolled at such No-Pledge or Proceeds
          Discount Schools and/or their parents.
     (b)  For any GATE Universal Approved School that is a Pledge and/or
          Proceeds Discount School, NCT and Marblehead, acting through
          Marblehead, may make a written request to Program Lender that Program
          Lender originate GATE Universal Conforming Loans to students enrolled
          at such Pledge and/or Proceeds Discount Schools and/or their parents.
          Upon receipt of such written notice, Program Lender may in its
          discretion conduct a credit review of the Pledge School or Proceeds
          Discount School and, within thirty (30) days after such written
          notice, shall approve or reject the Pledge School or Proceeds Discount
          School for participation in the GATE Universal Program. If the Program
          Lender fails to approve or reject such written request within thirty
          (30) days of receipt, the Pledge School or Proceeds Discount School
          shall be deemed approved for participation in the GATE Universal
          Program.
     (c)  For any educational institution that is not a GATE Universal Approved
          School, NCT and Marblehead, on the one hand, and Program Lender, on
          the other, may each request that the other agree that a specified
          educational institution may be

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          included in the GATE Universal Program, by providing to the other
          party or parties a written request therefor. The party or parties to
          whom such request is presented shall notify the requesting party in
          writing no later than thirty (30) days after the receipt of such
          request as to whether, applying such criteria as it deems appropriate,
          the proposed educational institution is deemed acceptable; provided,
          however, that the failure of a party to provide such written notice of
          acceptance shall be automatically deemed to be a rejection of the
          proposed educational institution. Subject to confidentiality, privacy
          and similar considerations, any party rejecting a proposed institution
          shall, upon the request of another party, communicate its reasons for
          such rejection, including whether it believes the proposed institution
          is qualified under the Program Manual. By proposing an educational
          institution for inclusion in the GATE Universal Program, NCT and
          Marblehead shall be deemed to represent and warrant that such
          educational institution is eligible for participation in the GATE
          Universal Program pursuant to the Program Manual.
     (d)  NCT and Marblehead shall, in any event, request the Program Lender to
          originate GATE Universal Conforming Loans at educational institutions
          prior to making such a request of any Competing Lender.

     5.   CHOICE OF PRODUCTS OFFERED; MODIFICATION OF SAME. Program Lender
hereby approves the GATE Universal Product Offerings set forth on the attached
Exhibit B, which is included herein by reference and made a part hereof. If an
educational institution is a GATE Universal Approved School or is approved
pursuant to Paragraph 4(c) hereof for inclusion in the GATE Universal Program,
Program Lender authorizes Marblehead to offer the educational institution the
choice of any or all of the GATE Universal Product Offerings shown on Exhibit B,
as in effect from time to time, provided, however, the educational institution
shall choose in its discretion to participate in any one of the following
combinations of the GATE Universal Product Offerings (the "School-Specific GATE
Universal Product Offerings").

Tier 1;
Tier 1 & Tier 2a;
Tier 1, Tier 2a & Tier 2b;
Tier 1, Tier 2a, Tier 2b & Tier 3a;
Tier 1, Tier 2a, Tier 2b, Tier 3a & Tier 3b;
Tier 1, Tier 2a, Tier 2b, Tier 3a, Tier 3b & Tier 4a;
Tier 1, Tier 2a, Tier 2b, Tier 3a, Tier 3b, Tier 4a & Tier 4b;
Tier 1, Tier 2a, Tier 2b, Tier 3a, Tier 3b, Tier 4a & Tier 4b, Tier 5a; or
Tier 1, Tier 2a, Tier 2b, Tier 3a, Tier 3b, Tier 4a & Tier 4b, Tier 5a &
Tier 5b.

The School-Specific GATE Universal Product Offerings will then be set forth in a
customized version of Exhibit B for each educational institution.

     The pricing, Pledge levels and Proceeds Discounts for GATE Universal
Product Offerings are set forth on Exhibit B. Those levels are based upon
Marblehead's reasonable estimate of (a) the expenses that would be incurred in a
Securitization Transaction and (b) the school guaranty that would be required by
Standard & Poor's Corporation, Moody's Investors Service AND/OR Fitch IBCA (the
"Rating Agencies") if loans to students at the Participating

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Institution in question were to be included as collateral for a Securitization
Transaction. Marblehead's estimates of such Rating Agency pledge requirements
shall be not less than the pledge amounts most recently estimated by the Rating
Agencies in consultation with Marblehead. Program Lender shall have the right to
confirm Rating Agency estimates by direct consultation with the Rating Agencies
prior to accepting loan program pledge levels for any particular educational
institution; provided, however, that the reserve levels shown on Exhibit B
hereto, as in effect from time to time, are approved by Program Lender upon the
execution hereof for all GATE Universal Approved Schools.

     Marblehead, in consultation with any GATE Universal Approved School or
educational institution approved pursuant to Paragraph 4(c) hereof for inclusion
in the GATE Universal Program, may request at any time that Program Lender
approve pricing options (except in tier 1), pledge levels and proceeds discounts
for the educational institution different from those on the attached Exhibit B.
Program Lender agrees to approve or deny any such request within ten (10)
Business Days of receipt in writing, including by facsimile, e-mail, or other
form of written communication. If Program Lender fails to approve or deny such
request within ten (10) Business Days, the request will be deemed approved by
Program Lender. Any approved pricing option shall thereafter constitute an
approved School-Specific GATE Universal Product Offering. In making such a
request that Program Lender approve pricing options for the educational
institution different from those on the then-current Exhibit B, Marblehead
represents and warrants that it reasonably believes that, under the terms and
conditions set forth in the Note Purchase Agreement, a Purchaser Trust will be
able to purchase in a Securitization Transaction loans originated under the
pricing options presented for approval. Notwithstanding anything to the contrary
in Section 9 of this Agreement, if Program Lender denies a request at any time
that Program Lender approve pricing options, pledge levels and proceeds
discounts for the educational institution different from those on the attached
Exhibit B, Marblehead may request that another lender approve such request.

     In addition to making a request to approve pricing options for a particular
educational institution, Marblehead may request that the Program Lender (i)
require cosigners on every loan in Tier 2, Tier 2 & 3, or Tier 2, 3, & 4, or
(ii) waive cosigner requirements for students who are neither U.S. residents nor
U.S. citizens. Program Lender will consider such school-specific waivers in its
sole discretion, will grant any such waiver only in writing, and shall have the
right to review and rescind any such waiver annually at the same time as it
considers revisions to Exhibit B under the next paragraph.

     Program Lender and Marblehead may at any time agree to amend the GATE
Universal Product Offerings for all future offerings made to educational
institutions. In addition, Marblehead shall present to Program Lender once per
year, on or about May 1, an updated Exhibit B for use in the next Program Year.
Program Lender shall approve or deny the revised Exhibit B within 30 days of
receipt. If the Program Lender fails to approve or reject the revised Exhibit B
within such time, the revised Exhibit B shall be deemed approved for use in the
GATE Universal Program.

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     6.   LOAN PACKAGING AND FUNDING AGREEMENTS. After a Pledge School or
Proceeds Discount School has chosen its School-Specific GATE Universal Product
Offerings, the Program Lender will enter into with such educational institution
a loan packaging and funding agreement in the form of that attached hereto as
Exhibit C (a "Loan Packaging and Funding Agreement") establishing certain
procedures, terms and conditions of the origination of GATE Universal Conforming
Loans to be made to students enrolled at such educational institution and/or
their parents. The School-Specific GATE Universal Product Offerings will be
added as an exhibit to the Loan Packaging and Funding Agreement between Program
Lender and the educational institution and made a part thereof. The amount of
the Pledge or Proceeds Discounts with respect to each GATE Universal Conforming
Loan will vary in accordance with the terms of the School-Specific GATE
Universal Product Offerings. It is expressly agreed and understood by NCT and
Marblehead that the terms and conditions of each Loan Packaging and Funding
Agreement must be acceptable to the Program Lender; provided, however, that in
no event will the Program Lender enter into Loan Packaging and Funding Agreement
in any form other than the form of the Loan Packaging and Funding Agreement
attached hereto as Exhibit C without the prior written consent of NCT and
Marblehead, which consent shall not be unreasonably withheld.

     The requirement for Loan Packaging and Funding Agreements does not apply to
No-Pledge or Proceeds Discount Schools.

     7.   JOINT MARKETING EFFORTS. NCT, Marblehead and the Program Lender shall
cooperate to develop marketing materials for distribution to potential
Participating Institutions and borrowers relating to the GATE Universal Program.
Subject to the confidentiality provisions of Paragraph 11 below and the
provisions of Paragraph 13(c) below, each party hereto agrees to provide such
information as may be reasonably required by the other parties in connection
therewith; provided, however, that no party shall distribute any written
material, whether relating to the GATE Universal Program or otherwise, which
contains the name or information concerning or provided by any other party
without the prior written consent of such other party other than written
communications utilizing the name or information concerning such other party in
a manner consistent with the Program Manual and marketing materials previously
approved by such party as provided hereunder. During the term of this Agreement,
Marblehead shall grant to the Program Lender a nonexclusive license to use any
and all trademarks and tradenames associated with the GATE Universal Program
pursuant to a license agreement between Marblehead and Program Lender dated as
of November 21, 1996, as hereafter amended, and the Program Lender shall grant
to Marblehead a nonexclusive license to use the Program Lender's name and logo
pursuant to a license agreement between Marblehead and Program Lender dated as
of November 21, 1996, as hereafter amended.

     8.   LOAN ORIGINATION. Marblehead will enter a Services Agreement with
V-Tek Systems Corporation, a California corporation, having its principal office
at 1315 S. Valley Vista Drive, Diamond Bar, California 91765 V-Tek ("Services
Agreement") to create a process for and then perform data processing in support
of the pre-origination of GATE Universal loan applications. Marblehead has hired
V-Tek for software design and for performing servicing tasks as set forth in
this paragraph and shall be responsible for causing V-Tek to perform its
obligations as set forth herein and in the Services Agreement. Marblehead is
solely responsible

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for paying V-Tek for its services and Marblehead is the owner of the software
that V-Tek creates under the Services Agreement. All of the rights, remedies,
and services Marblehead receives under the Services Agreement shall be provided
to Program Lender in a servicing agreement between Marblehead and Program
Lender. Under such servicing agreement, Marblehead shall be obligated to provide
for the benefit of Program Lender the services provided by V-Tek under the
Services Agreement.

     Under the Services Agreement, V-Tek will gather all required borrower
information from applicants and Participating Institutions ("Applicant Data"),
convert Applicant Data into a form that Program Lender can accept, and forward
Applicant Data to Program Lender. Upon receipt of the Applicant Data, Program
Lender shall apply the credit criteria in the Program Manual and determine if
the application meets either the Tier 1 (creditworthy) or Tier 2, 3 or 4
(credit-ready) underwriting requirements. If so, the Program Lender will
transmit this information, along with the student's and cosigner's (if any) FICO
scores, to the loan processing subservicer, V-Tek. Acting as agent for the
Program Lender, V-Tek will compare the credit information provided by the
Program Lender against the criteria from Exhibit B to the Loan Packaging and
Funding Agreement for the Participating Institution in question. V-Tek will
inform the Program Lender whether the application in question meets the relevant
criteria set forth in said Exhibit B for approval. If Program Lender approves
the application, it shall transmit (or cause V-Tek to transmit) the necessary
information, including data from Exhibit B to establish pricing, to PHEAA,
whereupon PHEAA will prepare and transmit to the borrower for signature a
completed promissory note form and, upon disbursement of the loan, a
Truth-in-Lending disclosure. If Program Lender denies the application, Program
Lender will forward an appropriate adverse action letter to the borrower.
Program Lender shall also be responsible for compliance with the rules and
regulations of the United States Department of the Treasury, Office of Foreign
Assets Control.

     9.   EXCLUSIVITY; NONCOMPETITION. Neither NCT nor Marblehead will enter
into any agreement with any other financial institution or other regulated or
nonregulated lender (a "Competing Lender") to conduct a program for the
origination and funding of GATE Universal Conforming Loans that would be a
"Lender Competing Program" (as defined below) if conducted by Program Lender,
with respect to any Participating Institution located in any of the 50 states of
the United States, the District of Columbia, and the territories of the United
States. This restriction shall not prohibit Marblehead from providing
securitization services to lenders generally. Upon the occurrence of the
Termination Date: (1) if the termination occurred pursuant to the provisions of
subparagraph (a) of the definition of "Termination Date or the election of NCT
and Marblehead to terminate this Agreement pursuant to subparagraphs (b), (c),
(d) or (e) of the definition of "Termination Date," Program Lender shall not
originate student loans in connection with any student loan program in the
nature of the GATE Universal Program or otherwise combining the principal
elements of the GATE Universal Program consisting of establishing pledges and/or
proceeds discounts of varying amounts from educational institutions based upon
the credit risk of applicants in a series of tiers in lieu of relying on
governmental or quasi-governmental credit support for the loans and periodically
securitizing pools of such student loans (a "Lender Competing Program") with any
educational institution that was, at any time during the term of this Agreement,
a Participating Institution for period of twelve (12)

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months following such Termination Date, and (2) if the Termination Date occurred
for any other reason, there shall be no restriction on the right of the Program
Lender to enter into Lender Competing Programs at any time, including, without
limitation, Lender Competing Programs with Participating Institutions. During
the term of this Agreement the Program Lender will not originate student loans
in connection with any Lender Competing Program except pursuant to the GATE
Universal Program and this Agreement.

     10.  OTHER BUSINESS. Except to the extent expressly provided in Paragraph 9
above, nothing contained herein, in any Loan Packaging and Funding Agreement or
in any other document, instrument or agreement executed in connection with the
GATE Universal Program shall in any manner or to any extent affect the right of
the Program Lender to engage in business with, including, without limitation,
offering credit products to, the Participating Institutions, borrowers under
GATE Universal Conforming Loans originated by the Program Lender or any other
Person; provided however that the Program Lender shall protect Proprietary
Information from unnecessary disclosure.

     11.  CONFIDENTIAL INFORMATION: PROPRIETARY INFORMATION.

     (a)  All information of any kind and description relating to borrowers
under GATE Universal Conforming Loans originated by the Program Lender (and
rejected applicants for such Loans), the Notes originated by the Program Lender,
the Program Lender's loan processing operations or any other information that
has been or will be made available by the Program Lender or any of its
Affiliates to NCT and/or Marblehead or has otherwise been obtained by NCT and/or
Marblehead from the Program Lender or any of its Affiliates (other than as
expressly excluded from such information as provided below, "Confidential
Information") is made available by the Program Lender and accepted by NCT and/or
Marblehead, as applicable, with the understanding and agreement that such
Confidential Information is property valuable to the Program Lender which has
been developed through the expenditure of substantial time and money and that
the Program Lender desires to retain it in confidence and withhold its
availability to others. "Confidential Information" shall not include (a)
information that has become generally available to the public other than as a
result of a disclosure by or through NCT, Marblehead or their respective
officers, employees, agents or other representatives, (b) information that was
available to such persons on a nonconfidential basis prior to its disclosure to
NCT and/or Marblehead, (c) information that becomes available to NCT and/or
Marblehead from a source not subject, to the best knowledge of NCT and
Marblehead after due inquiry, to any prohibition against disclosing the
information to NCT or Marblehead, including, without limitation, information
obtained from any purchase of the Notes in any Securitization Transaction or
otherwise relating to any GATE Universal Conforming Loan sold by the Program
Lender in any Securitization Transaction, information received from or relating
to any Participating Institution and information received from or relating to
the activities of third parties, other than the Program Lender, retained by NCT
or Marblehead in connection with the administration or marketing of the GATE
Universal Program, or (d) borrower information, including without limitation
"nonpublic personal information" (as defined in Title V of the
Gramm-Leach-Bliley Act (the "GLB Act") ("NPPI") and Federal Reserve Board
Regulation P ("Regulation P") Marblehead receives in preparation for a
Securitization Transaction; provided, however, that Marblehead

                                       11
<Page>

shall use such information only in accordance with the provisions of the GLB Act
and Regulation P and agrees to respect and protect the security and
confidentiality of any NPPI relating to applicants for Loans and to Borrowers,
including, where applicable, the restrictions on the re-use and disclosure of
such information set forth in the GLB Act and Regulation P.

     Without limiting the foregoing, upon purchase, the parties agree that NCT
will own borrower information (including NPPI) associated with any purchased
GATE Universal Conforming Loan, and that Marblehead may retain as its own
property and use for any lawful purpose any or all aggregated or de-identified
data concerning Loan applicants and Borrowers, which does not include the name,
address or social security number of the Loan applicants or Borrowers.
Marblehead may sell, assign, transfer or disclose such information to third
parties, who may also use such information for any lawful purpose. Each of NCT
and Marblehead agree that except as required by law and except as is reasonably
necessary in connection with any Securitization Transaction any and all
Confidential Information and any information or knowledge which may be imparted
through receipt or examination of Confidential Information will not be copied or
communicated to any third party or used by NCT or Marblehead or any of their
respective officers, employees, agents or other representatives without the
express prior written consent of the Program Lender. Each of NCT and Marblehead
will take reasonable precautions to prevent any unauthorized disclosure of
Confidential Information. Each of NCT and Marblehead agree to return or destroy
all written and other tangible Confidential Information, including all extracts
and copies thereof, immediately upon request. Except as expressly contemplated
by the marketing programs referred to in Paragraph 7 above, communications
regarding the GATE Universal Program initiated by borrowers, and data received
by Marblehead (and its servicer, V-Tek) during the course of origination as
described in Paragraph 8 above, until a GATE Universal Conforming Loan is sold
by the Program Lender, in connection with a Securitization Transaction or
otherwise, neither NCT nor Marblehead nor any of their respective Affiliates
shall enter into any communication with the borrower thereunder. Except as
expressly provided in the immediately preceding sentence, the obligations of NCT
and Marblehead set forth in this Paragraph 11(a) shall survive the Termination
Date.

     (b)  All information relating to the GATE Universal Program that has been
or will be made available to the Program Lender or any of its Affiliates by NCT
and/or Marblehead or has otherwise been obtained by the Program Lender or any of
its Affiliates from NCT and/or Marblehead (other than such information which
constitutes Confidential Information or other than as expressly excluded from
such information as provided below, "Proprietary Information") is made available
by NCT and/or Marblehead and accepted by the Program Lender with the
understanding and agreement that such Proprietary Information is property
valuable to NCT/Marblehead which has been developed through the expenditure of
substantial time and money and that NCT/Marblehead desire to retain it in
confidence and not to permit its commercial use by others. "Proprietary
Information" shall not include: (a) information that has become generally
available to the public other than as a result of a disclosure by or through the
Program Lender, (b) information derived by Program Lender from sources other
than activities under or related to this Agreement, (c) information required by
law to be disclosed (but only to the extent such disclosure is legally
required), and (d) reporting of loan information to credit bureaus in the
ordinary course of business. Program Lender will take reasonable precautions to

                                       12
<Page>

prevent any unauthorized commercial use of Proprietary Information. The
obligations of this Paragraph 11(b) shall survive the Termination Date.

     (c)  BORROWER PRIVACY. Unless FMC obtains direct authorization from any
borrower, it shall not disclose and/or use any of the borrower's nonpublic
personal information obtained under this Agreement for any purpose other than
those specifically provided for in this Agreement or provide such information to
any other party, including its Affiliates, except as allowed by law. In the
Services Agreement, V-Tek will likewise agree that unless V-Tek obtains direct
authorization from any borrower pursuant to the Services Agreement, it shall not
disclose and/or use any of the borrower's nonpublic personal information
obtained under the Services Agreement for any purpose other than those
specifically provided for in the Services Agreement or provide such information
to any other party, including Affiliates of V-Tek, except as allowed by law.

     12.  PROGRAM MANUAL; PARTICIPATION AGREEMENT. Marblehead shall draft and
deliver to the Program Lender for review and approval prior to the Effective
Date:

     (a)  The Program Manual, which Program Manual may not be modified in any
Lender-related manner during the term of this Agreement without the prior
written consent of the Program Lender, which consent shall not be unreasonably
withheld. Lender-related modifications to the Program Manual shall mean any
change to GATE Universal loan terms, borrower eligibility, or any other change
that would affect Program Lender's rights, obligations, responsibilities, or
costs; and

     (b)  The forms of Participation Agreement and School Enrollment Form, which
form Agreements shall be substantially in the forms of Exhibits E1 and E2
attached hereto and may not be modified in any manner during the term of this
Agreement without the prior written consent of Program Lender, which consent
shall not be unreasonably withheld. Exhibit E1 is for use with Pledge Schools
and Proceeds Discount Schools. Exhibit E2 applies only to No-Pledge or Proceeds
Discount Schools. NCT may, upon notice to Program Lender, include in the
Participation Agreement a Rider in the form of Exhibit E3; and

     (c)  the Services Agreement.

     13.  SECURITIZATION PROVISIONS. Each of NCT (for itself and each Purchaser
Trust) and Marblehead agree that:

     (a)  The Offering Materials relating to each Securitization Transaction
will contain a statement to the effect that: (1) the certificates being offered
thereunder do not represent an interest in, or obligation of, the Program Lender
or its parent, BankAmerica Corporation, (2) no purchaser of such certificates
shall have any recourse to the Program Lender or BankAmerica Corporation, (3)
neither the certificates nor the notes evidencing GATE Universal Conforming
Loans supporting such certificates are insured or guaranteed by the Federal
Deposit Insurance Corporation or, at the request of or for the account of the
Program Lender or BankAmerica Corporation by any other governmental agency, and
(4) the underwriting criteria employed by the

                                       13
<Page>

Program Lender in originating the GATE Universal Conforming Loans are different
from those utilized by the Program Lender and its Affiliates in originating
student loans under other existing student loan programs and that such
differences include, without limitation, the fact that GATE Universal Conforming
Loan underwriting standards are not intended to analyze in detail the ability of
individual borrowers to repay their GATE Loans;

     (b)  NCT shall or shall cause the applicable Purchaser Trust to perform the
acts and assume the duties of depositor and manager pursuant to the provisions
of the trust or other agreement or instrument under which the certificates or
other evidences of indebtedness will be issued in any Securitization
Transaction. Under no circumstances shall Program Lender be obligated to perform
any such duties. Neither Program Lender nor any of its directors or other
representatives shall execute any registration statement filed with the
Securities and Exchange Commission in connection with any Securitization
Transaction;

     (c)  The certificates or other evidences of indebtedness to be issued by
NCT and/or any Purchaser Trusts in Securitization Transactions shall be issued
and sold by NCT and/or such Purchaser Trusts, with or without the assistance of
NCT and/or Marblehead, but in any event without any participation whatsoever on
the part of Program Lender except as expressly provided in subparagraph (2)
below. Without limiting the generality of the foregoing, it is expressly
acknowledged and agreed by NCT and Marblehead that Program Lender shall not (1)
attend any "road shows" or meetings with investors or prospective investors, (2)
prepare, assist in preparing or review any written or oral materials or
prospectuses to be provided to investors or potential investors or to be filed
with the Securities and Exchange Commission, any state securities commission,
any stock exchange or NASDAQ other than excerpts from such documents describing
the Program Lender and its procedures drafted expressly for inclusion in such
documents, or (3) otherwise be responsible in any way for soliciting, or
assisting Marblehead, NCT or any Purchaser Trust in soliciting, the purchases of
certificates or other evidences of indebtedness to be issued in any
Securitization Transaction;

     (d)  NCT shall file or shall cause the applicable Purchaser Trust to file
any registration statement and periodic reports required to be filed under the
Securities Exchange Act of 1934;

     (e)  Without the prior written consent of Program Lender, which consent
shall not be unreasonably withheld, no loans other than (1) GATE Universal
Conforming Loans, (2) other types of GATE loans originated by Program Lender, or
(3) loans originated by Program Lender that are subject to a Note Purchase
Agreement between Program Lender and Marblehead will be included in any
Securitization Transaction with loans made by Program Lender. The execution and
delivery to Program Lender of a Co-Lender Indemnification Agreement by any other
lender in any securitization transaction shall be a condition precedent to any
agreement of Program Lender to permit the pooling of loans originated by such
other person or entity with loans originated by Program Lender in a
securitization transaction. In the event that Marblehead wishes to include loans
originated by any other lender(s) in the same Securitization Transaction as
loans made by Program Lender, Marblehead will make all reasonable efforts to
secure a Co-Lender Indemnification Agreement between Program Lender and the
other lender(s).

                                       14
<Page>

     (f)  All solicitations of prospective Participating Institutions shall be
conducted in such a manner as to avoid any public or general solicitation or
advertising of the purchase or sale of beneficial interests in any Purchaser
Trust.

     14.  NO ASSIGNMENT. No party may assign its rights or obligations under
this Agreement without the prior written consent of the parties hereto;
provided, however that Program Lender may assign its rights hereunder to an
Affiliate that is a national banking association having the legal power and
right under applicable law (including, without limitation, the usury laws of the
State where it is located) to make GATE Universal Conforming Loans. Program
Lender shall bear all costs arising out of such assignment, including, without
limitation, any costs for legal advice relating to loan compliance and
documentation. Marblehead may, on a one time basis and provided that such
assignment does not constitute a Change of Control, assign its rights hereunder
to a corporation that succeeds to substantially all the business of Marblehead
as now conducted. Any assignment in violation hereof shall be automatically null
and void. Program Lender agrees that it will continue to originate GATE
Universal Conforming Loans in such a manner as to permit the selection of
California law as governing law for purposes of Section 85 of the National Bank
Act.

     15.  AMENDMENT. This Agreement may not be amended nor terms or provisions
hereof waived unless such amendment or waiver is in writing and signed by all
parties hereto.

     16.  NO WAIVER. No delay or failure by any party to exercise any right,
power or remedy hereunder shall constitute a waiver thereof by such party, and
no single or partial exercise by any party of any right, power or remedy shall
preclude other or further exercise thereof or any exercise of any other rights,
powers or remedies.

     17.  ENTIRE AGREEMENT. This Agreement and the documents and agreements
referred to herein embody the entire agreement and understanding among the
parties hereto and supersede all prior agreements and understandings relating to
the subject matter hereof and thereof

     18.  NOTICES. All notices given by any party to the others under this
Agreement shall be in writing delivered: (a) personally, (b) by facsimile
transmission, (c) by overnight courier, prepaid, or (d) 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 beneath its signature
below. Any party may change the address to which notices are to be sent by
notice of such change to each other party given as provided herein. Such notices
shall be effective on the date received.

     19.  ATTORNEYS' FEES. In the event of a lawsuit or arbitration proceeding
wising out of or relating to this Agreement, the prevailing party shall be
entitled to recover costs and reasonable attorneys, fees incurred in connection
with the lawsuit or arbitration proceeding, as determined by the court or
arbitrator.

     20.  GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of California.

                                       15
<Page>

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

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

     23.  CONSENT TO JURISDICTION. SUBJECT TO PARAGRAPH 24 BELOW, ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF CALIFORNIA OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF
CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES
HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS, EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENT WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS
AGREEMENT OR ANY DOCUMENT RELATED HERETO.

     24.  MANDATORY ARBITRATION REFERENCE.

     (a)  Any controversy or claim between or among the parties, including but
not limited to those arising out of or relating to this Agreement and any claim
based on or arising from an alleged tort, shall at the request of any party be
determined by arbitration. The arbitration shall be conducted in accordance With
the United States Arbitration Act (Title 9, U.S. Code), notwithstanding the
choice of law provision in this Agreement, and under the Commercial Rules of the
American Arbitration Association ("AAA"). The arbitrator(s) shall give effect to
statutes of limitation in determining any claim. Any controversy concerning
whether an issue is arbitrable shall be determined by the arbitrator(s).
Judgment upon the arbitration award may be entered in any court having
jurisdiction. The institution and maintenance of an action for judicial relief
or pursuit of a provisional or ancillary remedy shall not constitute a Waiver of
the right of any party, including the plaintiff to submit the controversy or
claim to arbitration if any other party contests such action for judicial
relief.

     (b)  No provision of this paragraph shall limit the right of any party to
exercise self-help remedies such as setoff, or to obtain provisional or
ancillary remedies from a court of competent jurisdiction before, after, or
during the pendency of any arbitration or other proceeding. The exercise of a
remedy does not waive the right of any party to resort to arbitration or
reference.

     25.  EFFECTIVE DATE. This Agreement shall be effective upon the date (the
"Effective Date") as of which:

                                       16
<Page>

     (a)  Each of the parties hereto shall have executed and delivered to the
others a Counterpart of this Agreement;

     (b)  Each of the Program Lender and NCT shall have executed and delivered
to the other an agreement in the form of that attached hereto as Exhibit D (the
"Note Purchase Agreement");

     (c)  The Program Lender has reviewed and approved in writing the final form
of Program Manual;

     (d)  Each of V-Tek and Marblehead shall have executed and delivered to each
other the Services Agreement;

     (e)  Each of Marblehead and Program Lender shall have executed and
delivered to the other a servicing agreement pursuant to which Marblehead
provides for the benefit of Program Lender the services provided by V-Tek under
the Services Agreement;

     (f)  PHEAA and Program Lender shall have executed and delivered to each
other an amendment to the Origination Services Agreement between them to
accommodate the origination process for the GATE Universal Program, such
amendment to be in form and substance satisfactory to Marblehead;

     (g)  PHEAA and Marblehead shall have executed and delivered to each other
an amendment to the Servicing Agreement between them and dated January 6, 1995,
as amended, to include GATE Universal Program loans purchased by Marblehead,
such amendment to be in form and substance satisfactory to Program Lender.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       17
<Page>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written.

                                             THE NATIONAL COLLEGIATE TRUST,
                                             a Delaware business trust

                                             By:
                                                 -------------------------------
                                             Name:
                                                   -----------------------------
                                             Title:
                                                    ----------------------------

                                             THE FIRST MARBLEHEAD
                                             CORPORATION, a Delaware corporation

                                             By: /s/ Ralph James
                                                 -------------------------------
                                             Name: Ralph James
                                                   -----------------------------
                                             Title: President
                                                    ----------------------------

                                             BANK OF AMERICA, N.A.

                                             By: /s/ Kathy Cannon
                                                 -------------------------------
                                             Name: Kathy Cannon
                                                   -----------------------------
                                             Title: Senior Vice President
                                                    ----------------------------

                                       18
<Page>

      EXHIBIT B FOR [SCHOOL NAME] UNDER THE GATE UNIVERSAL PLEDGE STRUCTURE

[DELETE IF SCHOOL IS APPROVED BY MBIA] (Please note the College must be approved
   by MBIA for surety on its pledge prior to being able to participate in the
                pledge structure of the GATE Universal Program.)

<Table>
<Caption>
                                                                                    Tier 2 Co-borrower, if any,
                                                                                   decisioned on basis of score
                               Tier 1 Creditworthy Borrower with credit-ready       alone. Student subjected to
                               Student, except if student is creditworthy on own.    GATE underwriting. School
                                       School takes no risk                                  takes risk.
                               -------------------------------------------------   ----------------------------
                                    A           B          C             D              A             B
                               -------------------------------------------------   ----------------------------
<S>                               <C>         <C>        <C>       <C>     <C>         <C>          <C>
         FICO SCORES
Cosigner FICO Score:              [**]        [**]       [**]      [**]                [**]         [**]
                                                                                       [**]         [**]
                                                                   [**]                [**]
                                                                   [**]                [**]

Student FICO (Student is
credit-ready, except in Tier      [**]        [**]       [**]      [**]    [**]        [**]         [**]
1 D, where Student is
creditworthy)                     [**]        [**]
---------------------------------------------------------------------------------------------------------------

                                                         [**]              [**]
                                                         [**]              [**]

  GATE UNIVERSAL PRODUCT
 Borrower Origination Fee:        [**]%       [**]%      [**]%             [**]%       [**]%        [**]%
 Interest Rate: The LIBOR
 Index + a margin of:             [**]%       [**]%      [**]%             [**]%       [**]%        [**]%
 APR (LIBOR Index=1.35%, 4 yr
 defer, 20 yr repay):             [**]%       [**]%      [**]%             [**]%       [**]%        [**]%

   FINANCIAL RESULTS UNDER
      PLEDGE STRUCTURE
Percentage of net loan amount
(exclusive of financed fees)
advanced by Bank of
America at disbursement:          [**]%       [**]%                                    [**]%        [**]%

School Pledge(1):                 [**]        [**]                                     [**]%        [**]%

Estimated 1st loan loss
reserve(2):                       [**]        [**]                                     [**]%        [**]%

<Caption>
                               Tier 3 Co-borrower, if any,                                    Tier 5 Co-borrower, if
                                 decisioned on basis of       Tier 4 Co-borrower, if any,    any, decisioned on basis
                                  score alone. Student       decisioned on  basis of score    of score alone. Student
                                    subjected to GATE         alone. Student subjected to       subjected to GATE
                                   underwriting. School        GATE underwriting. School       underwriting. School
                                        takes risk.                   takes risk.                   takes risk.
                               ---------------------------   -----------------------------   ------------------------
                                    A            B               A            B                  A          B
                               ---------------------------   -----------------------------   ------------------------
<S>                                <C>          <C>             <C>          <C>                <C>        <C>
         FICO SCORES
Cosigner FICO Score:               [**]         [**]            [**]         [**]               [**]       [**]
                                   [**]         [**]            [**]         [**]                          [**]
                                   [**]                         [**]
                                   [**]                         [**]

Student FICO (Student is
credit-ready, except in Tier       [**]         [**]            [**]         [**]               [**]       [**]
1 D, where Student is
creditworthy)
---------------------------------------------------------------------------------------------------------------------

  GATE UNIVERSAL PRODUCT
 Borrower Origination Fee:         [**]%        [**]%           [**]%        [**]%              [**]%      [**]%
 Interest Rate: The LIBOR
 Index + a margin of:              [**]%        [**]%           [**]%        [**]%              [**]%      [**]%
 APR (LIBOR Index=1.35%, 4 yr
 defer, 20 yr repay):              [**]%        [**]%           [**]%        [**]%              [**]%      [**]%

   FINANCIAL RESULTS UNDER
      PLEDGE STRUCTURE
Percentage of net loan amount
(exclusive of financed fees)
advanced by Bank of
America at disbursement:           [**]%        [**]%           [**]%        [**]%              [**]%         [**]%

School Pledge(1):                  [**]%        [**]%           [**]%        [**]%              [**]%         [**]%

Estimated 1st loan loss
reserve(2):                        [**]%        [**]%           [**]%        [**]%              [**]%         [**]%
</Table>

(1) The school pledge figures are computed on the gross loan amount at
disbursement and assume that if the student is an undergraduate student the loan
amount is less than [**]. An additional [**] will be added to the pledge figures
shown for all tier 2, 3, 4 & 5 undergraduate loans in excess of $[**].

(2) These 1st loan loss reserve figures are estimates, are computed on the net
loan amount securitized, and are funded from excess proceeds created at
securitization (see

<Page>

the Participation Agreement). If securitization does not take place, no 1st loan
loss reserves will be created. If the anticipated excess proceeds from
securitization are lower than projections, the amount of the 1st loan loss
reserve may be lower than the figures shown here. The 1st loan loss reserve, to
the extent that it is available, reduces the school's Pledge liability.

                                       20<Page>

                                                                   EXHIBIT 10.11

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

                           GATE STUDENT LOAN PROGRAM:
                               UMBRELLA AGREEMENT
                              (Bank of America NA)

          THIS UMBRELLA AGREEMENT (the "Agreement") is made and dated as of the
1st day of June, 1996, by and among THE NATIONAL COLLEGIATE TRUST, a Delaware
business trust "NCT"), THE FIRST MARBLEHEAD CORPORATION, a Delaware corporation
("Marblehead"), and BANK OF AMERICA NA, a national banking association having
its principal office located in the State of Arizona (the "Program Lender").

                                    RECITALS

          A.   NCT has established its GATE: Guaranteed Access to Education
program (the "GATE Program") to assist students in financing their education at
various institutions of higher education. Pursuant to the GATE Program NCT
promotes the expansion of student loan lending activities by agreeing to
purchase or cause to be formed one or more special purpose business trusts or
other entities (each a "Purchaser Trust") to purchase promissory notes (the
"Notes") evidencing student loans conforming to the GATE Program ("GATE
Conforming Loans") following origination. The purchase price payable by each
Purchaser Trust for a given pool of GATE Conforming Loans is funded through
issuance and sale by the Purchaser Trust of certificates or other evidences of
indebtedness, the repayment of which is supported by the income stream from the
GATE Conforming Loans included in such pool (each such transaction, a
"Securitization Transaction").

          B.   NCT has requested that the Program Lender originate and make
available for purchase by Purchaser Trusts from time to time GATE Conforming
Loans and to serve as a primary lending institution participating in the GATE
program.

          C.   Marblehead acts as financial advisor for NCT in connection with
the GATE Program in connection with Securitization Transactions and facilitates
the marketing of the GATE Program to educational institutions- and their
students.

          D.   The parties desire to set forth herein certain terms and
conditions affecting NCT, Marblehead and the Program Lender relating to the
Program Lender's participation in the GATE Program.

          NOW, THEREFORE, in consideration of the above Recitals and for other
good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:

<Page>

                                    AGREEMENT

          1.   DEFINITIONS. For purposes of this Agreement, the following terms
shall have the following meanings:

          "AFFILIATE" shall mean as to any person any other person which,
directly or indirectly, is in control of, is controlled by, or is under common
control with, such person. A person shall be deemed to control another person if
the controlling person possesses directly or indirectly, the power to direct or
to cause the direction of the management and policies of the other person,
whether through the ownership of voting securities, by contract or otherwise.

          "BUSINESS DAY" shall mean any day other than: (a) a Saturday or
Sunday, or (b) a day on which banking institutions in the Commonwealth of
Massachusetts or the State of Arizona are required or authorized by law or
executive- order to be closed.

          "CHANGE IN CONTROL" means:

          (a)  With respect to the Program Lender, any of the following:

               (1)  The acquisition by any other entity, individual or group
          (within the meaning of Sections 13(d)(3) or 14(d)( 2) of the
          Securities Exchange Act of 1934, as amended (the "Exchange Act") of
          beneficial ownership (as defined in Rule 13d-3 promulgated under the
          Exchange Act) of more than fifty percent (50%) of the common stock of
          the Program Lender and/or other securities which have more than fifty
          percent (50%) of the combined voting power of the Program Lender's
          securities entitled to vote in the election of directors; or

               (2)  The sale of all or substantially all of the common stock or
          assets of the Program Lender to any other entity, individual or group;
          or

               (3)  The reorganization, merger or consolidation of the Program
          Lender in which the shareholders of Program Lender immediately before
          such event will not immediately thereafter own more than fifty percent
          (50%) of the combined voting power entitled to vote in the election of
          directors of the reorganized, merged or consolidated Program Lender's
          voting securities.

          (b)  With respect to Marblehead, if in any one transaction or a series
of transactions there is a change of beneficial ownership of more than fifty
percent (50%) of the common stock or other equity interests representing the
right to elect directors or otherwise determine the management of the company.

          (c)  A "Change in Control" shall not include any transactions with an
entity which is an Affiliate immediately prior to such transaction.

<Page>

          "CO-LENDER INDEMNIFICATION AGREEMENT" shall mean a mutual
indemnification agreement between Program Lender and any other person or entity
originating GATE Conforming Loans which will be pooled with GATE Conforming
Loans originated by Program Lender in any Securitization Transaction, which
mutual indemnification agreement shall be satisfactory in form and substance in
all reasonable respects to Program Lender.

          "COMPETING LENDER" shall have the meaning given such term in Paragraph
6 below.

          "CONFIDENTIAL INFORMATION" shall have the meaning given such term in
Paragraph 8(a) below.

          "CURRENTLY SCHEDULED TERMINATION DATE" shall mean December 31, 1997,
as such date may be extended in writing by written agreement of NCT, Marblehead
and the Program Lender, given in each party's sole and absolute discretion no
later than ninety days prior to the then Currently Scheduled Maturity Date.

          "EFFECTIVE DATE" shall have the meaning given such term in Paragraph
23 below.

          "EXPECTED SECURITIZATION RESERVES" shall have the meaning given such
term in Paragraph 4 below.

          "GATE CONFORMING LOANS" shall have the meaning given such term in
Recital A above.

          "GATE PROGRAM" shall have the meaning given such term in Recital A
above.

          "GRADS" shall mean GATE Receivables Asset-Backed Debt Securities,
which are a form of debt security issued pursuant to a Securitization
Transaction.

          "LENDER COMPETING PROGRAM" shall have the meaning given such term in
Paragraph 6 below.

          "LOAN PACKAGING AND FUNDING AGREEMENT" shall have the meaning given
such term in Paragraph 4 below.

          "MAXIMUM LENDER EXPOSURE" shall mean $22,000,000.00 or such greater
amount as may be agreed to in writing by the Program Lender.

          "NOTE PURCHASE AND AGREEMENT" shall have the meaning given such term
in Paragraph 23(b) below.

          "NOTES" shall have the meaning given such term in Recital A above.

          "PARTICIPATING INSTITUTION" shall mean an educational institution
which has executed and delivered a Participation Agreement and with which the
Program Lender has entered into a Loan Packaging and Funding Agreement.

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          "PARTICIPATION AGREEMENT" shall mean the agreement between NCT and a
Participating Institution establishing the terms of the participation of such
Participating Institution in the GATE Program referred to in Paragraph 9(b)
below.

          "PRE-SECURITIZATION RESERVES" shall mean with respect to any GATE
Conforming Loan that amount established as such by the Program Lender in its
discretion; provided, however, that Pre-Securitization Reserves shall not in any
event exceed the sum of the Expected Securitization Reserves plus the Program
Lender's Origination Fee therefor (as the term "Origination Fee" is defined in
the Loan Packaging and Funding Agreement).

          "PROGRAM LENDER EXCLUSIVE STATES" shall mean the States of Alaska,
Arizona, California, Hawaii, Idaho, Illinois, Nevada, New Mexico, Oregon, Texas
and Washington.

          "PROGRAM MANUAL" shall mean a detailed manual setting forth the terms,
conditions, eligibility, policies and procedures for the GATE Program as the
same may be amended from time to time as provided in Paragraph 9 below.

          "PROPRIETARY INFORMATION" shall have the meaning given such term in
Paragraph 8(b) below.

          "PURCHASER TRUST" shall have the meaning given such term in Recital A
above.

          "SECURITIZATION TRANSACTION" shall have the meaning given such term in
Recital A above.

          "TERMINATION DATE" shall mean the earliest to occur of:

          (a)  The Currently Scheduled Termination Date;

          (b)  The ninetieth day following delivery by the Program Lender of
written notice, given in the Program Lender's sole and absolute discretion, of
the Program Lender's election to terminate this Agreement; provided, however,
that such notice may be given no earlier than January 1, 1998;

          (c)  The date of delivery by NCT, on the one hand, or the Program
Lender, on the other hand, of written notice that the other party has failed to
consummate a Securitization Transaction pursuant to the Note Purchase Agreement
notwithstanding that all conditions precedent to such party's obligation to do
so set forth in the Note Purchase Agreement have been satisfied;

          (d)  The date of delivery by NCT and Marblehead, on the one hand, or
the Program Leader, on the other hand, of written notice stating that such party
or parties has or have determined, in its or their reasonable business judgment
and following consultation with the nonterminating party or parties and such
advisors, underwriters and other persons and entities as the non-terminating
party or parties may reasonably suggest, that there has occurred a material

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adverse change in the condition of the non-terminating party or parties
(financial or otherwise) which is likely to hinder or prevent such party or
parties from performing its or their respective obligations hereunder and
otherwise in connection with the GATE Program;

          (e)  The thirtieth day following the date of delivery by NCT and
Marblehead, on the one hand, and the Program Lender, on the other hand, of
written notice that another party has materially breached this Agreement, unless
such party cures such breach on or before such thirtieth day, it being expressly
understood and agreed that the failure to make any payment required hereunder
shall constitute a material breach;

          (f)  Any party hereto shall file any proceeding under the U.S.
Bankruptcy Code or similar state insolvency act, or shall be the subject of any
involuntary bankruptcy proceeding, which proceeding is not dismissed within
sixty (60) days after the filing thereof;

          (g)  The date of delivery by Marblehead or the Program Lender of
written notice that there has occurred a Change in Control of the party
receiving such notice and that the party giving notice, in its sole and absolute
discretion, has elected to terminate this Agreement;

          (h)  The date as of which the Program Lender has elected to cease to
participate in the GATE Program in all Program Lender Exclusive States as
permitted under Paragraph 2 below; and

          (i)  The date of delivery by the Program Lender of written notice that
it has originated and held for more than sixty (60) days GATE Conforming Loans
with Participating Institutions with an original principal balance in the
aggregate in excess of the Maximum Lender Exposure as to which there has not
been consummated a Securitization Transaction.

          2.   TERM OF AGREEMENT; POST-TERMINATION DATE TRANSACTIONS. This
Agreement shall be effective from the Effective Date to but not including the
Termination Date; provided, however, that in the event of the initiation of a
proceeding challenging the legality of the GATE Program and/or the Notes which
the Program Lender reasonably believes is likely to be adversely determined or
in the event of a change or imminent change in law or regulation or in the
interpretation thereof which the Program Lender reasonably believes is likely to
result in the initiation of such a proceeding, the Program Lender may, after
consultation with Marblehead and consideration of alternative actions which
would negate the likelihood that such a proceeding would be initiated or, if
initiated, would be likely to be adversely determined, elect to cease to
participate in the GATE Program in such of the Program Lender Exclusive States
as may be affected thereby. In the event the Termination Date shall occur during
a Pool Open Period or during the [**] period following the Pool Closing Date of
such Pool Open Period (as those terms are defined in the Note Purchase
Agreement), upon the written request of NCT the Program Lender shall sell and
assign to NCT or a Purchaser Trust all GATE Conforming Loans originated by the
Program Lender during such Pool Open Period to and including such Termination
Date for the Minimum Purchase Price (as defined in the Note Purchase Agreement);
provided, however, that: (a) in the event the Termination Date shall have
occurred at the election of the Program Lender pursuant subparagraphs (c), (e)
or (h) of the definition of the term "Termination

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Date" or pursuant to subparagraph (f) of the definition of the term "Termination
Date," such sale shall be without recourse to or representation or warranty,
express or implied, by the Program Lender, (b) the conditions precedent to the
Program Lender's obligation to sell GATE Conforming Loans to NCT or a Purchaser
Trust set forth in subsections (2), (4), (5), (6), (7) and (8) of Section 3. 0 1
(c) of the Note Purchase Agreement, which are incorporated herein by this
reference, shall have been met to the satisfaction of the Program Lender, (c)
Marblehead, NCT, all Purchaser Trusts to whom the Program Lender has sold GATE
Conforming Loans and the purchasing Purchaser Trust shall be in compliance with
all terms and conditions set forth in Paragraph 11 below, and (d) such sale
transaction shall be consummated no later than the last day of the [**]
post-Pool Closing Date period.

          3.   IDENTIFICATION AND APPROVAL OF PARTICIPATING INSTITUTIONS. From
time to time following the Effective Date, (a) NCT and Marblehead, acting
through Marblehead, may request the Program Lender to originate GATE Conforming
Loans to students enrolled at a specified educational institution, or (b) the
Program Lender may request NCT and Marblehead to agree that a specified
educational institution may be included in the GATE Program, by providing to the
other party or parties a written request therefor. NCT and Marblehead shall, in
any event, request the Program Lender to originate GATE Conforming Loans at
educational institutions located in the Program Lender Exclusive States prior to
making such a request of any Competing Lender. The party or parties to whom such
request is presented shall notify the requesting party in writing no later than
thirty (30) days after the receipt of such request as to whether, applying such
criteria as it deems appropriate, the proposed educational institution is deemed
acceptable; provided, however, that the failure of a party to provide such
written notice of acceptance shall be automatically deemed to be a rejection of
the proposed educational institution. Subject to confidentiality, privacy and
similar considerations, any party rejecting a proposed institution shall, upon
the request of another party, communicate its reasons for such rejection,
including whether it believes the proposed institution is qualified under the
Program Manual. By proposing an educational institution for inclusion in the
GATE Program, NCT and Marblehead shall be deemed to represent and warrant that
such educational institution is eligible for participation in the GATE Program
pursuant to the Program Manual. The institutions listed on Exhibit A attached
hereto have been previously approved by NCT and Marblehead and are hereby deemed
acceptable by Program Lender.

          4.   LOAN PACKAGING AND FUNDING AGREEMENTS. In the event that an
educational institution is approved for inclusion in the GATE Program, the
Program Lender will enter into with such educational institution a loan
packaging and funding agreement in the form of that attached hereto as Exhibit B
(a "Loan Packaging and Funding Agreement") establishing certain procedures,
terms and conditions of the origination of GATE Conforming Loans to be made to
students enrolled at such educational institution.' Such Loan Packaging and
Funding Agreement provides for the reserving of certain loan proceeds as set
forth more particularly in the form Loan Packaging and Funding Agreement
attached hereto. The Program Lender will consult with Marblehead as to the
appropriate level of such reserves. Marblehead will base its recommendations
upon its reasonable estimate of (a) the expenses which would be incurred in a
Securitization Transaction and (b) the reserves which would be required by
Standard & Poor's Corporation and/or Moody's Investors Service (the "Rating
Agencies") if loans to students at the

<Page>

Participating Institution in question were to be included as collateral for a
GRADS" bond issue having a "AA" or "Aa" rating from such rating agency
(collectively, the "Expected Securitization Reserves"). Marblehead's estimates
of such Rating Agency reserve requirements shall be not less than the reserves
most recently estimated by the Rating Agencies in consultation with Marblehead
Program Lender shall have the right to confirm Rating Agency estimates by direct
consultation with the Rating Agencies prior to establishing loan program reserve
levels. The amount which will be funded to the Participating Institutions with
respect to each GATE Conforming Loan will be seventy five percent (75%) of the
difference between the face amount of the related Note and Pre-Securitization
Reserves therefor. It is expressly agreed and understood by NCT and Marblehead
that the terms and conditions of each Loan Packaging and Funding Agreement,
including the establishment of required reserves, must be acceptable to the
Program Lender in its sole and absolute discretion; provided, however, that in
no event will the Program Lender enter into Loan Packaging and Funding Agreement
in any form other than that the form of the Loan Packaging and Funding Agreement
attached hereto as Exhibit B without the prior written consent of NCT and
Marblehead, which consent shall not be unreasonably withheld. It is expressly
acknowledged and agreed by NCT and Marblehead that the Program Lender shall have
the right to refuse to consider additional applications for GATE Conforming
Loans from any Participating Institution and to notify Participating
Institutions -that it has suspended its participation in the GATE Program as to
the origination of additional GATE Conforming Loans in the event that, but for
the passage of sixty (60) days, there would exist a Termination Event under
subparagraph (i) of the definition of such term.

          5.   JOINT MARKETING EFFORTS. NCT, Marblehead and the Program Lender
shall cooperate to develop marketing materials for distribution to potential
Participating Institutions and borrowers relating to the GATE Program. Subject
to the confidentiality provisions of Paragraph 8 below and the provisions of
Paragraph 11 (c) below, each party hereto agrees to provide such information as
may be reasonably required by the other parties in connection therewith;
provided, however, that no party shall distribute any written material, whether
relating to the GATE Program or otherwise, which contains the name or
information concerning or provided by any other party without the prior written
consent of such other party other than written communications utilizing the name
or information concerning such other party in a manner consistent with the
Program Manual and marketing materials previously approved by such party as
provided hereunder. During the term of this Agreement, Marblehead shall grant to
the Program Lender a nonexclusive license to use any and all trademarks and
tradenames associated with the GATE Program pursuant to a license agreement in
the form of that attached hereto as Exhibit C and the Program Lender shall grant
to Marblehead a nonexclusive license to use the Program Lender's name and logo
pursuant to a license agreement in the form of that attached hereto as Exhibit
D.

          6.   EXCLUSIVITY; NONCOMPETITION. Subject to the proviso set forth
below, neither NCT nor Marblehead will enter into any agreement with any other
financial institution or other regulated or nonregulated lender (a "Competing
Leader") in the nature of this Agreement or otherwise in contemplation of the
participation of such Competing Lender in the GATE Program without the prior
written consent of the Program Lender, given in the Program Lender's sole and
absolute discretion, provided however that: (a) in the event NCT or Marblehead
propose an

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educational institution for inclusion in the GATE Program pursuant. to Paragraph
2 above and the Program Lender elects not to enter into a Loan Packaging and
Funding Agreement with such educational institution, then, so long as such
educational institution is eligible for inclusion in the GATE Program pursuant
to the Program Manual, NCT and Marblehead may enter into such contractual
arrangements with such educational institution and a Competing Lender for the
origination of GATE Conforming Loans as they may elect and (b) NCT and
Marblehead may enter into agreements with a Competing Lender without regard to
this Paragraph 6 with respect to students at educational institutions located in
any state or territory of the United States except the Program Lender Exclusive
States. Upon the occurrence of the Termination Date: (1) if the termination
occurred pursuant to the provisions of subparagraphs (a) or (b) of the
definition of "Termination Date" or the election of NCT and Marblehead to
terminate this Agreement pursuant
to subparagraphs (c),'(d), (e), (f) or (g) of the definition of "Termination
Date," neither the Program Lender nor Bank of America National Trust and Savings
Association shall originate student loans in connection with any student loan
program in the nature of the GATE Program or otherwise combining the principal
elements of the GATE Program consisting of establishing loan proceeds reserves
in lieu of relying on governmental or quasi-governmental credit support for the
loans and periodically securitizing pools of such student loans (a "Lender
Competing Program") with any educational institution that was, at any time
during the term of this Agreement, a Participating Institution for period of
twelve (12) months following such Termination Date, and (2) if the Termination
Date occurred for any other reason, there shall be no restriction on the right
of the Program Lender to enter into Lender Competing Programs at any time,
including, without limitation, Lender Competing Programs with Participating
Institutions. During the term of this Agreement the Program Lender will not
originate student loans in connection with any Lender Competing Program except
pursuant to the GATE Program and this Agreement.

          7.   OTHER BUSINESS. Except to the extent expressly provided in
Paragraph 6 above, nothing contained herein, in any Loan Packaging and Funding
Agreement or in any other document, instrument or agreement executed in
connection with the GATE Program shall in any manner or to any extent affect the
right of the Program Lender to engage in business with, including, without
limitation, offering credit products to, the Participating Institutions,
borrowers under GATE Conforming Loans originated by the Program Lender or any
other Person; provided however that the Program Lender shall protect Proprietary
Information from unnecessary disclosure.

          8.   CONFIDENTIAL INFORMATION; PROPRIETARY INFORMATION.

          (a)  All information of any kind and description relating to borrowers
under GATE Conforming Loans originated by the Program Lender (and rejected
applicants for such Loans), the Notes originated by the Program Lender, the
Program Lender's loan processing operations or any other information that has
been or will be made available by the Program Lender or any of its Affiliates to
NCT and/or Marblehead or has otherwise been obtained by NCT and/or Marblehead
from the Program Lender or any of its Affiliates (other than as expressly
excluded from such information as provided below, "Confidential Information") is
made available by the Program Lender and accepted by NCT and/or Marblehead, as
applicable, with

<Page>

the understanding and agreement that such Confidential Information is property
valuable to the Program Lender which has been developed through the expenditure
of substantial time and money and that the Program Lender desires to retain it
in confidence and withhold its availability to others. "Confidential
Information" shall not include (a) information that has become generally
available to the public other than as a result of a disclosure by or through
NCT, Marblehead or their respective officers, employees, agents or other
representatives, (b) information that was available to such persons on a
nonconfidential basis prior to its disclosure to NCT and/or Marblehead, and (c)
information that becomes available to NCT and/or Marblehead from a source not
subject, to the best knowledge of NCT and Marblehead after due inquiry, to any
prohibition against disclosing the information to NCT or Marblehead, including,
without limitation, information obtained from any purchase of the Notes in any
Securitization Transaction or otherwise relating to any GATE Conforming Loan
sold by the Program Lender in any Securitization Transaction, information
received from or relating to any Participating Institution and information
received from or relating to the activities of third parties, other than the
Program Lender, retained by NCT or Marblehead in connection with the
administration or marketing of the GATE Program. Each of NCT and Marblehead
agree that except as required by law and except as is reasonably necessary in
connection with any Securitization Transaction any and all Confidential
Information and any information or knowledge which may be imparted through
receipt or examination of Confidential Information will not be copied or
communicated to any third party or used by NCT or Marblehead or any of their
respective officers, employees, agents or other representatives without the
express prior written consent of the Program Lender. Each of NCT and Marblehead
will take reasonable precautions to prevent any unauthorized disclosure of
Confidential Information. Each of NCT and Marblehead agree to return or destroy
all written and other tangible Confidential Information, including all extracts
and copies thereof, immediately upon request. Except as expressly contemplated
by the marketing programs referred to in Paragraph 5 above and incidental
communications regarding the GATE Program initiated by borrowers in the course
of which such borrowers are referred to the Program Lender, until a Gate
Conforming Loan is sold by the Program Lender, in connection with a
Securitization Transaction or otherwise, neither NCT nor Marblehead nor any of
their respective Affiliates shall enter into any communication with the borrower
thereunder. Except as expressly provided in the immediately preceding sentence,
the obligations of NCT and Marblehead set forth in this Paragraph 8(a) shall
survive the Termination Date.

          (b)  All information relating to the GATE Program that has been or
will be made available to the Program Lender or any of its Affiliates by NCT
and/or Marblehead or has otherwise been obtained by the Program Lender or any of
its Affiliates from NCT and/or Marblehead (other than such information which
constitutes Confidential Information or other than as expressly excluded from
such information as provided below, "Proprietary Information") is made available
by NCT and/or Marblehead and accepted by the Program Lender with the
understanding and agreement that such Proprietary Information is property
valuable to NCT/Marblehead which has been developed through the expenditure of
substantial time and money and that NCT/Marblehead desire to retain it in
confidence and not to permit its commercial use by others. "Proprietary
Information" shall not include: (a) information that has become generally
available to the public other than as a result of a disclosure by or through the
Program Lender, (b) information derived by Program Lender from sources other
than activities

<Page>

under or related to this Agreement, (c) information required by law to be
disclosed (but only to the extent such disclosure is legally required), and (d)
reporting of loan information to credit bureaus in the ordinary course of
business. Program Lender will take reasonable precautions to prevent any
unauthorized commercial use of Proprietary Information. The obligations of this
Paragraph 8(b) shall survive the Termination Date.

          9.   PROGRAM MANUAL; PARTICIPATION AGREEMENT. Marblehead shall draft
and deliver to the Program Lender for review and approval prior to the Effective
Date:

          (a)  The Program Manual, which Program Manual may not be modified in
any Lender-related manner during the term of this Agreement without the prior
written consent of the Program Lender, which consent shall not be unreasonably
withheld. Lender-related modifications to the Program Manual shall mean any
change to GATE loan terms, borrower eligibility, or any other change that would
affect Program Lender's rights, obligations, responsibilities, or costs; and

          (b)  The form Participation Agreement, which form Participation
Agreement shall be substantially in the form of Exhibit E attached hereto, may
not be modified in any manner during the term of this Agreement without the
prior written consent of Program Lender, which consent shall not be unreasonably
withheld.

          10.  MARBLEHEAD EFFORTS; PAYMENTS OF FEE. Marblehead agrees to use its
best efforts to continue to market the GATE Program and to assist NCT in
arranging Securitization Transactions. In consideration of Marblehead having
introduced the Program Lender, to the GATE Program, and in consideration of
Marblehead's continued efforts to market the GATE Program, the Program Lender
hereby agrees to pay to Marblehead on each Purchase Date (as defined in the
Master Purchase and Securitization Agreement) a fee, computed based upon the
number of Notes sold by the Program Lender to the Purchaser Trust thereunder on
such Purchase Date, multiplied by [**] Dollars ($[**]). Nothing contained in
this Agreement shall restrict Marblehead's right to separately negotiate with
NCT (or other parties to a Securitization Transaction) fees for its services as
investment advisor, financial advisor or otherwise, but in no event shall the
Program Lender have any obligation with respect thereto.

          11.  SECURITIZATION PROVISIONS. Each of NCT (for itself and each
Purchaser Trust) and Marblehead agree that:

          (a)  The Offering Materials relating to each Securitization
Transaction will contain a statement to the effect that: (1) the certificates
being offered thereunder do not represent an interest in, or obligation of, the
Program Lender or its parent, BankAmerica Corporation, (2) no purchaser of such
certificates shall have any recourse to the Program Lender or BankAmerica
Corporation, (3) neither the certificates nor the notes evidencing GATE
Conforming Loans supporting such certificates are insured or guaranteed by the
Federal Deposit Insurance Corporation or, at the request of or for the account
of the Program Lender or BankAmerica Corporation by any other governmental
agency, and (4) the underwriting criteria employed by the Program Lender in
originating the GATE Conforming Loans are different from those utilized by the
Program Lender and its Affiliates in originating student loans under other
existing student

<Page>

loan programs and that such differences include, without limitation, the fact
that GATE Conforming Loan underwriting standards are not intended to analyze in
detail the ability of individual borrowers to repay their GATE Loans;

          (b)  NCT shall or shall cause the applicable Purchaser Trust to
perform the acts and assume the duties of depositor and manager pursuant to the
provisions of the trust or other agreement or instrument under which the
certificates or other evidences of indebtedness will be issued in any
Securitization Transaction. Under no circumstances shall Program Lender be
obligated to perform any such duties. Neither Program Lender nor any of its
directors or other representatives shall execute any registration statement
filed with the Securities and Exchange Commission in connection with any
Securitization Transaction;

          (c)  The certificates or other evidences of indebtedness to be issued
by NCT and/or any Purchaser Trusts in Securitization Transactions shall be
issued and sold by NCT and/or such Purchaser Trusts, with or without the
assistance of NCT and/or Marblehead, but in any event without any participation
whatsoever on the part of Program Lender except as expressly provided in
subparagraph (2) below. Without limiting the generality of the foregoing, it is
expressly acknowledged and agreed by NCT and Marblehead that Program Lender
shall not (1) attend any "road shows" or meetings with investors or prospective
investors, (2) prepare, assist in preparing or review any written or oral
materials or prospectuses to be provided to investors or potential investors or
to be filed with the Securities and Exchange Commission, any state securities
commission, any stock exchange or NASDAQ other than excerpts from such documents
describing the Program Lender and its procedures drafted expressly for inclusion
in such documents, or (3) otherwise be responsible in any way for soliciting, or
assisting Marblehead, NCT or any Purchaser Trust in soliciting, the purchases of
certificates or other evidences of indebtedness to be issued in any
Securitization Transaction;

          (d)  NCT shall file or shall cause the applicable Purchaser Trust to
file any registration statement and periodic reports required to be filed under
the Securities Exchange Act of 1934;

          (e)  Without the prior written consent of Program Lender, which
consent shall not be unreasonably withheld, GATE Conforming Loans originated by
any person or entity other than Program Lender will not be included in any
Securitization Transaction and by proposing that such GATE Conforming Loans be
included in any Securitization Transaction which will include GATE Conforming
Loans originated by Program Lender, Marblehead, NCT and the applicable Purchaser
Trust shall be deemed to have represented and warranted that such other GATE
Conforming Loans were originated under Program Manuals substantively identical
to the Program Manual under which GATE Conforming Loans are originated by the
Program Lender- provided; however, that the consent of the Program Lender
referred to above shall not be required as a condition of the inclusion of GATE
Conforming Loans originated by the First National Bank of Boston in any
Securitization Transaction as long as the First National Bank of Boston shall
have executed and delivered to Program Lender a Co-Lender Indemnification
Agreement (it being expressly agreed and understood by NCT and Marblehead that
the execution and delivery to Program Lender of a Co-Lender Indemnification
Agreement by other participating "Program Lenders" in any Securitization
Transaction shall be a condition precedent

<Page>

to any agreement of Program Lender to permit the pooling of GATE Conforming
Loans originated by such other person or entity with GATE Conforming Loans
originated by Program Lender in a Securitization Transaction);

          (f)  All solicitations of prospective Participating Institutions shall
be conducted in such a manner as to avoid any public or general solicitation or
advertising of the purchase or sale of beneficial interests in any Purchaser
Trust.

          12.  NO ASSIGNMENT. No party may assign its rights or obligations
under this Agreement without the prior written consent of the parties hereto;
provided, however that Program Lender may assign its rights hereunder to an
Affiliate that is a national banking association having the legal power and
right under applicable law (including, without limitation, the usury laws of the
State where it is located) to make GATE Conforming Loans. Program Lender shall
bear all costs arising out of such assignment, including, without limitation,
any costs for legal advice relating to loan compliance and documentation.
Marblehead may, on a one time basis and provided that such assignment does not
constitute a Change of Control, assign its rights hereunder to a corporation
that succeeds to substantially all the business of Marblehead as now conducted.
Any assignment in violation hereof shall be automatically null and void.

          13.  AMENDMENT. This Agreement may not be amended nor terms or
provisions hereof waived unless such amendment or waiver is in writing and
signed by all parties hereto.

          14.  NO WAIVER. No delay or failure by any party to exercise any
right, power or remedy hereunder shall constitute a waiver thereof by such
party, and no single or partial exercise by any party of any right, power or
remedy shall preclude other or further exercise thereof or any exercise of any
other rights, powers or remedies.

          15.  ENTIRE AGREEMENT. This Agreement and the documents and agreements
referred to herein embody the entire agreement and understanding among the
parties hereto and supersede all prior agreements and understandings relating to
the subject matter hereof and thereof

          16.  NOTICES. All notices given by any party to the others under this
Agreement shall be in writing delivered: (a) personally, (b) by facsimile
transmission, (c) by overnight courier, prepaid, or (d) 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 beneath its signature
below. Any party may change the address to which notices are to be sent by
notice of such change to each other party given as provided herein. Such notices
shall be effective on the date received.

          17.  ATTORNEYS' FEES. In the event of a lawsuit or arbitration
proceeding wising out of or relating to this Agreement, the prevailing party
shall be entitled to recover costs and reasonable attorneys, fees incurred in
connection with the lawsuit or arbitration proceeding, as determined by the
court or arbitrator.

<Page>

          18.  GOVERNING LAW. This Agreement shall be governed by and construed
in accordance with the laws of the State of Arizona.

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

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

          21.  CONSENT TO JURISDICTION. SUBJECT TO PARAGRAPH 22 BELOW, ANY LEGAL
ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS
OF THE STATE OF ARIZONA OR OF THE UNITED STATES FOR THE [DISTRICT OF ARIZONA],
AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH OF THE PARTIES HERETO
CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE
JURISDICTION OF THOSE COURTS, EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY
OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE
GROUNDS OF FORUM NON CONVENIENS WHICH IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS
AGREEMENT OR ANY DOCUMENT RELATED HERETO.

          22.  MANDATORY ARBITRATION REFERENCE.

          (a)  Any controversy or claim between or among the parties, including
but not limited to those arising out of or relating to this Agreement and any
claim based on or arising from an alleged tort, shall at the request of any
party be determined by arbitration. The arbitration shall be conducted in
accordance with the United States Arbitration Act (Title 9, U.S. Code),
notwithstanding the choice of law provision in this Agreement, and under the
Commercial Rules of the American Arbitration Association ("AAA"). The
arbitrator(s) shall give effect to statutes of limitation in determining any
claim. Any controversy concerning whether an issue is arbitrable shall be
determined by the arbitrator(s). Judgment upon the arbitration award may be
entered in any court having jurisdiction. The institution and maintenance of an
action for judicial relief or pursuit of a provisional or ancillary remedy shall
not constitute a waiver of the right of any party, including the plaintiff to
submit the controversy or claim to arbitration if any other party contests such
action for judicial relief.

          (b)  No provision of this paragraph shall limit the right of any party
to exercise self-help remedies such as setoff, or to obtain provisional or
ancillary remedies from a court of competent jurisdiction before, after, or
during the pendency of any arbitration or other proceeding. The exercise of a
remedy does not waive the right of any party to resort to arbitration or
reference.

<Page>

          23.  EFFECTIVE DATE. This Agreement shall be effective upon the date
(the "Effective Date") as of which:

          (a)  Each of the parties hereto shall have executed and delivered to
the others a Counterpart of this Agreement;

          (b)  Each of the Program Lender and NCT shall have executed and
delivered to the other an agreement in the form of that attached hereto as
Exhibit F (the "Note Purchase Agreement");

          (c)  The Program Lender shall have reviewed and approved in writing
the final form of Program Manual;

          (d)  The Program Lender shall have received an opinion, in form and
substance and issued by counsel satisfactory to the Program Lender (at no cost
or expense to NCT or Marblehead), in each State in which the Initial
Participating Institutions are located covering such matters as the Program
Lender shall have requested;

          (e)  The Program Lender shall have received the opinions of Thacher,
Proffitt & Wood in the forms of those attached hereto as Exhibit and Exhibit H;
and

          (f)  The First National Bank of Boston and Program Lender shall have
approved the form of Co-Lender Indemnification Agreement.

          If the Effective Date shall not have occurred on or before August 1,
1996, then this Agreement shall, at the option of any party as evidenced by
written notice to such effect given to the other parties as provided herein,
terminate and be of no further force or effect; provided, however, that the
failure of the condition precedent to the Effective Date set forth in
subparagraph (d) above as to one Program Lender Exclusive State shall not affect
the Effective Date from occurring with respect to those Program Lender Exclusive
States as to which such condition precedent is met.

<Page>

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

                                 THE NATIONAL COLLEGIATE TRUST,
                                 a Delaware business trust

                                 By: Delaware Trust Company, not in its
                                 individual capacity but solely in its capacity
                                 as Trustee

                                 By:   /s/Richard N. Smith
                                    --------------------------------------------
                                 Name:    Richard N. Smith
                                      ------------------------------------------
                                 Title:   Vice President
                                       -----------------------------------------

                                 Address: 237 Park Avenue
                                          21st Floor
                                          New York, NY 10017

                                 THE FIRST MARBLEHEAD
                                 CORPORATION, a Delaware corporation

                                 By:    /s/Daniel Meyers
                                    --------------------------------------------
                                 Name:     Daniel Meyers
                                      ------------------------------------------
                                 Title:    Chairman
                                       -----------------------------------------

                                 Address: 7 Tuckers Wharf
                                          Marblehead, MA 01945

                                 BANK OF AMERICA NA

                                 By: /s/Stephen Galasso
                                    --------------------------------------------
                                 Name:  Stephen Galasso
                                      ------------------------------------------
                                 Title: President and CEO
                                       -----------------------------------------

                                 Address: Bank of America NA
                                          1825 East Buckeye Road
                                          Phoenix, Arizona 85034

                                 By: Margarte A. Sprude
                                     -------------------------------------------
                                     Senior Vice President and CEO
                                     -------------------------------------------

<Page>

                                TABLE OF EXHIBITS

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

EXHIBIT A          LIST OF APPROVED PARTICIPATING INSTITUTIONS
                   (AS OF June 1, 1996)

EXHIBIT B          FORM OF LOAN PACKAGING AND FUNDING AGREEMENT

EXHIBIT C          FORM OF LICENSE AGREEMENT

EXHIBIT D          FORM OF LICENSE AGREEMENT

EXHIBIT E          FORM OF PARTICIPATION AGREEMENT

EXHIBIT F          FORM OF NOTE PURCHASE AGREEMENT

EXHIBIT G          FORM OF OPINION (Re Disclosure Document)

EXHIBIT H          FORM OF OPINION (Re Interests in Purchaser Trusts)

<Page>

                              FIRST AMENDMENT TO
                              UMBRELLA AGREEMENT
                               (Bank of America)

     This First Amendment to Umbrella Agreement ("Amendment"), amends that
certain Umbrella Agreement by and among The National Collegiate Trust, a
Delaware business trust ("NCT"), The First Marblehead Corporation, a Delaware
corporation ("Marblehead"), and Bank of America NA, a national banking
association having its principal office located in the State of Arizona
("Program Lender"), dated as of June 1, 1996 (the "Agreement"). Capitalized
terms used in this Amendment without definition shall have the meaning set
forth in the Agreement.

A.   AMENDED AND ADDITIONAL DEFINITIONS.

     1.  The "Currently Scheduled Termination Date" is amended by removing
         the date "December 31, 1997" and replacing it with the date
         "December 31, 1998."

     2.  Section (b) of the definition "Termination Date" is removed and
         replaced with the following language:

         "(b)  The 120th day following delivery by Program Lender to
               Marblehead or by Marblehead to Program Lender of written
               notice, given in either party's sole and absolute discretion,
               of such party's election to terminate this Agreement; PROVIDED,
               HOWEVER, that such notice may be given no earlier than
               January 1, 1998;"

B.   AMENDMENTS TO OPERATIVE PROVISIONS OF AGREEMENT.

     1.  The 7th full sentence of Section 4 is removed and replaced with the
         following:

               "The amount which will be funded to the Participating
         Institutions with respect to each GATE Conforming Loan will be as
         set forth in the Loan Packaging and Funding Agreement attached
         hereto as Exhibit B.

     2.  Section 6(c) is added to the first sentence of paragraph 6 of the
         Agreement as follows:

                "(c) In the event that a Participating Institution or
         proposed Participating Institution specifically elects in writing to
         designate BankBoston, National Association ("BKB") as program lender
         with respect to loans made to students at such institution, then the

<Page>

         restrictions of the first sentence of this paragraph 6 shall not
         apply with respect to agreements entered into by NCT and/or
         Marblehead with BKB regarding loans to students at such institution;
         PROVIDED, FURTHER: (I) that Marblehead shall include in any
         Competing Lender agreement a similar clause permitting Participating
         Institutions or Proposed Participating Institutions located in any
         of the 50 states to designate Bank of America NA as Program Lender
         and (II) that NCT, Marblehead and Program Lender shall use their
         best efforts to cause their respective employees to present
         alternative Program Lender arrangements to prospective participating
         institutions in a professional manner and to avoid unfair or
         deceptive competition in communications with such institutions, and
         (III) Marblehead shall include a clause similar to the foregoing
         paragraph (II) in any Competing Lender agreement."

     3.  The following sentence is added at the end of paragraph 6:

               "The term 'Lender Competing Program' shall not include, and
         restrictions in this section regarding NCT or Marblehead making
         agreements with a Competing Lender shall not apply to, programs that
         involve parents or guardians as principal obligors, where such
         obligors are required to qualify for education loans pursuant to a
         substantial creditworthiness examination, even if the other features
         of a 'GATE Program,' such as the lack of a governmental guarantee and
         the existence of reserves are found in such a program. Specifically,
         but not by way of limitation, this Agreement does not apply to the
         so-called prepGATE and familyGATE programs, which may be covered by
         a separate agreement or agreements between Program Lender and the
         other parties hereto."

     4.  The form of Loan Packaging and Funding Agreement attached as
         Exhibit B to the Agreement, together with the Program Manual attached
         thereto, are replaced in their entirety with Exhibit B attached
         hereto.

     5.  In all other respects, the Umbrella Agreement is hereby ratified and
         confirmed and shall remain in full force and effect.

                                       2

<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers as of this       day of
        , 1997.

WITNESS:                                       BANK OF AMERICA NA

                                              By:  /s/ Carolyn R. Morehead
---------------------------                      ---------------------------
                                              Its: VICE PRESIDENT

                                              BANK OF AMERICA NA

                                              By:  /s/ [ILLEGIBLE]
---------------------------                      ---------------------------
                                              Its: VICE PRESIDENT

                                              THE FIRST MARBLEHEAD CORPORATION

  /s/ Patricia O'Neil                         By:  /s/ Daniel Meyers
---------------------------                      ---------------------------
                                              Its: CHAIRMAN

                                              THE NATIONAL COLLEGIATE TRUST

  /s/ Patricia O'Neil                         By:  /s/ Daniel Meyers
---------------------------                      ---------------------------
                                              Its: DANIEL MEYERS
                                                   CHAIRMAN
                                                   THE FIRST MARBLEHEAD
                                                   CORPORATION ON BEHALF OF
                                                   NCT

                                       3

<Page>

                                                              TABLE OF EXHIBITS

Note: First Marblehead Corporation is not a party to Exhibit B. Pursuant to
      Item 601 of Regulation S-K, this exhibit is not being filed herewith.

Exhibit B -- Loan Packaging and Funding Agreement

<Page>

                            SECOND AMENDMENT TO
                            UMBRELLA AGREEMENT
                             (Bank of America)

     This Second Amendment to Umbrella Agreement ("Amendment"), amends that
certain Umbrella Agreement by and among The National Collegiate Trust, a
Delaware business trust ("NCT"), The First Marblehead Corporation, a Delaware
corporation ("Marblehead"), and Bank of America NA, a national banking
association having its principal office located in the State of Arizona
("Program Lender"), dated as of June 1, 1996, as the same has heretofore been
amended from time to time (the "Agreement"). Capitalized terms used in this
Amendment without definition shall have the meaning set forth in the
Agreement.

A.   AMENDED DEFINITION.

     1. The "Currently Scheduled Termination Date" is amended by removing the
        date "December 31, 1998" and replacing it with the date "December 31,
        1999."

B.   AMENDMENTS TO OPERATIVE PROVISIONS OF AGREEMENT.

     1.  The forms of Loan Packaging and Funding Agreement attached as Exhibit
         B to the Agreement, together with the Program Manual attached thereto,
         are replaced in their entirety with Exhibit B attached hereto.

     2.  In all other respects, the Umbrella Agreement is hereby ratified and
         confirmed and shall remain in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers as of this 30 day of December,
1998.

WITNESS:                               BANK OF AMERICA NA

/s/ [Illegible]                        By:   /s/ Kathy Cannon
----------------------                     ------------------------
                                       Its:  SENIOR VICE PRESIDENT

----------------------                 THE FIRST MARBLEHEAD CORPORATION

/s/ [Illegible]                        By:   /s/ Daniel Meyers
----------------------                     -------------------------
                                       Its:

                                       THE NATIONAL COLLEGIATE TRUST

                                       By:  /s/ Daniel Meyers
---------------------                     ---------------------------
                                       Its:  AGENT

Attachments:
Program Manual as Revised through 07/02/98 (including Stanford)
Loan Packaging and Funding Agreement Revised through 9-18-98

<Page>

                                                              TABLE OF EXHIBITS

Note: First Marblehead Corporation is not a party to Exhibit B. Pursuant to
      Item 601 of Regulation S-K, this exhibit is not being filed herewith.

Exhibit B--FORM OF LOAN PACKAGING AND FUNDING AGREEMENT

THE NATIONAL COLLEGIATE TRUST GUARANTEED ACCESS TO EDUCATION ("GATE")
PROGRAM MANUAL

<Page>

[THE FIRST MARBLEHEAD CORPORATION LOGO]

                              THIRD AMENDMENT TO
                              UMBRELLA AGREEMENT
                               (Bank of America)

     This Third Amendment to Umbrella Agreement ("Amendment"), amends that
certain Umbrella Agreement by and among The National Collegiate Trust, a
Delaware business trust ("NCT"), The First Marblehead Corporation, a Delaware
corporation ("Marblehead"), and Bank of America NA, a national banking
association ("Program Lender"), dated as of June 1, 1996, as the same has
heretofore been amended and assigned to Program Lender (the "Agreement").
Capitalized terms used in this Amendment without definition shall have the
meaning set forth in the Agreement.

A.   AMENDED DEFINITION.

     1.  The "Currently Scheduled Termination Date" is amended by removing
         the date "December 31, 1999" and replacing it with the date
         "December 31, 2000."

B.   AMENDMENTS TO OPERATIVE PROVISIONS OF AGREEMENT.

     1.  The first clause of Section 6(c), as added by the First Amendment
         to Umbrella Agreement, is further amended to read:

         "(c) In the event that a Participating Institution or proposed
         Participating Institution specifically elects in writing to designate
         a an affiliate of FleetBoston Financial Corp. as program lender with
         respect to loans made to students at such institution...."

         The purpose of this amendment is to reflect the fact that the
         Competing Lender originally named in this clause (The First National
         Bank of Boston) has changed corporate identity and continues to change
         corporate identity, but will, in any event remain an affiliate of the
         newly merged holding company named in this amendment.

     2.  In all other respects, the Umbrella Agreement is hereby ratified
         and confirmed and shall remain in full force and effect.

         [SIGNATURES ON NEXT PAGE]

<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by their duly authorized officers as of this      day of
         , 1999.

WITNESS:                                      BANK OF AMERICA NA

                                              By:  /s/ Kathy Cannon
---------------------------                      ---------------------------
                                              Its:  SVP

                                              THE FIRST MARBLEHEAD
                                              CORPORATION

 /s/ John Niles                               By:  /s/ Daniel Meyers
---------------------------                      ---------------------------
                                              Its: CEO

                                              THE NATIONAL COLLEGIATE
                                              TRUST

 /s/ John Niles                               By:  /s/ Daniel Meyers
---------------------------                      ---------------------------
                                              Its: CHAIRMAN

<Page>

                                                                       03/22/00
                                                                      EXECUTION

                              FOURTH AMENDMENT TO
                              UMBRELLA AGREEMENT
                               (Bank of America)

     This Fourth Amendment to Umbrella Agreement ("Amendment"), amends that
certain Umbrella Agreement dated as of June 1, 1996, as amended (the
"Umbrella Agreement"), the parties to which are currently and Bank of America
NA, a national banking association having an office located in the State of
California (the "Program Lender"), The National Collegiate Trust, a Delaware
business trust ("NCT"), and The First Marblehead Corporation, a Delaware
corporation ("Marblehead"). Capitalized terms used in this Amendment without
definition shall have the meaning set forth in the Umbrella Agreement, as
amended. This Amendment is dated as of February 1, 2000.

                                   RECITALS:

     A.  Bank of America NA, a national bank located in Arizona ("BANA")
entered into the Umbrella Agreement on June 1, 1996; and

     B.  The Umbrella Agreement was amended by the First Amendment dated
December 1997, a Second Amendment dated December 30, 1998, and a Third
Amendment dated December 1999; and

     C.  The rights and obligations of BANA were assigned to Bank of America
National Trust and Savings Association ("BANTSA") by Assignment Agreement
dated as of March 22, 1999, and BANTSA assumed and agreed to perform the
obligations of BANA; and

     D.  BANTSA subsequently merged with another financial institution, the
resulting entity being known as Bank of America NA; and

     E.  Program Lender, Marblehead, and NCT have agreed that Program lender
should become the exclusive Program Lender for GATE Conforming Loans; and

     F.  In order to effectuate the foregoing, certain amendments to the
Umbrella Agreement are necessary and certain transition agreements between
Program Lender and Participating Institutions to begin service for
Participating Institutions presently doing business with BankBoston, N.A. are
all required.

     NOW, THEREFORE, the parties to this Amendment hereby agree as follows:

     I.     DEFINITIONS.  Capitalized terms used herein without definition
shall have the meaning set forth in the Umbrella Agreement, as amended.

<Page>

     "BKB Umbrella Agreement" means that certain Umbrella Agreement by and
among The First National Bank of Boston, Marblehead and NCT dated as of
August 31, 1995.

     "Effective Date" means March 3, 2000.

     "Loan Effective Date" means the date specified in a notice from
Marblehead to Program Lender, which date shall be not more than 120 days
after the Effective Date on which date Program Lender shall become the
exclusive Program Lender. The Loan Effective Date is currently scheduled for
April 3, 2000.

     II.    AMENDMENTS TO UMBRELLA AGREEMENT.

     2.01.  The definition of "Business Day" is amended by deleting all
references to the "Commonwealth of Massachusetts" or the "State of Arizona"
and inserting in their stead the words "State of California."

     2.02.  The definition of "Maximum Lender Exposure" is deleted.

     2.03.  The definition of "Program Lender Exclusive States" is deleted,
and the following inserted in its stead:

     "'Program Lender Exclusive States' shall mean the 50 states of the
United States, the District of Columbia, and the territories of the United
States."

     2.04.  Subsection (i) of the definition of "Termination Date" is hereby
deleted.

     2.05.  Section 4 is amended by inserting after the words "GRADS bond
issue" the words "or other debt issuance, including, without limitation,
issuance in connection with a commercial paper conduit,".

     2.06.  Section 4 is further amended by deleting the last sentence
thereof.

     2.07.  Section 6 is amended by deleting the first sentence and replacing
it with the following:

     "Neither NCT nor Marblehead will enter into any agreement with any other
financial institution or other regulated or nonregulated lender (a 'Competing
Lender') to conduct a program for the origination and funding of GATE
Conforming Loans that would be a 'Lender Competing Program' (as defined
below) if conducted by Program Lender, with respect to any Participating
Institution located in any Program Lender Exclusive State. This restriction
shall not prohibit Marblehead from providing securitization services to
lenders generally."

     The foregoing restated first sentence of Section 6 shall replace all of
Section 6(a), (b) and (c), as amended, and section 6 shall continue beginning
with the words "Upon the

                                       2

<Page>

occurrence of the Termination Date...." The balance of Section 6 shall remain
in effect as previously amended.

     2.08.  The following sentence is added to Section 9(b):

     "NCT may, upon notice to Program Lender, include in the Participation
Agreement a Rider in the form of Exhibit E-1."

     2.09.  Subsection 11(e) is amended by deleting the proviso contained
therein, placing a period immediately after the words "Program Lender"
immediately preceding the proviso, and adding the following additional
sentence:

     "The execution and delivery to Program Lender of a Co-Lender
Indemnification Agreement by other participating program lenders in any
securitization transaction shall be a condition precedent to any agreement of
Program Lender to permit the pooling of GATE Conforming Loans originated by
such other person or entity with GATE Conforming Loans originated by Program
Lender in a securitization transaction."

     2.10.  The following sentence is added at the end of Section 12:

     "As a result of assignment of this Agreement to a national banking
association having an office in California, GATE Conforming Loans are
presently made pursuant to California law. Program Lender agrees that it will
continue to originate GATE Conforming Loans in such a manner as to permit the
selection of California law as governing law for purposes of Section 85 of
the National Bank Act."

     2.11.  Section 18 is amended by deleting the word "Arizona" and inserting
the word "California."

     2.12.  Section 21 is amended by deleting all references to the word
"Arizona" and inserting the word "California."

     2.13.  Section 23 is deleted and replaced with the following:

     "Effective Date. The conditions on the Effective Date of this Agreement
have been timely satisfied."

     2.14.  The Program Manual, as most recently amended by Letter Agreement
dated August 18, 1999, is further amended and shall take the form of Exhibit
A attached hereto.

     2.15.  The form of "Loan Subsidy Rider to Participation Agreement"
attached hereto as Exhibit B is hereby adopted as Exhibit E-1 to the Umbrella
Agreement.

                                       3

<Page>

     2.16.  The Form of Loan Packaging and Funding Agreement, as most recently
amended by Letter Agreement dated August 18, 1999, is further amended and
shall take the form of Exhibit C attached hereto.

     2.17.  Section 3 of the Umbrella Agreement is amended by adding the
following:

            "Pursuant to the Program Manual, NCT may from time to time request
that Program Lender waive cosigner requirements for students who are neither
U.S. residents nor U.S. citizens. Program Lender will consider such waivers
in its sole discretion, will grant any such waiver only in writing, and shall
have the right to review and rescind any such waiver annually, prior to the
issuance of a Pool Commitment Certificate with respect to the affected
Participating Institution."

     2.18.  The Participation Agreement attached as Exhibit E to the Umbrella
Agreement is replaced with the form of Participation Agreement attached
hereto as Exhibit D:

     III.   TRANSITION PROVISIONS.

     3.01.  Marblehead and NCT gave notice of termination of the BKB Umbrella
Agreement to BankBoston, N.A. on March 3, 2000, and they shall seek to
establish an orderly and rapid transition of all duties of BankBoston, as
Program Lender, to Program Lender under this Amendment. Marblehead and NCT
shall vigorously enforce their rights to terminate BankBoston, N.A. as
rapidly as possible. Marblehead anticipates that new loan originations by
BankBoston will cease on March 31, and final disbursements of those loans
will be completed on or about May 31, 2000.

     3.02.  Promptly as of the Effective Date, Program Lender shall solicit
all BKB Participating Institutions listed on Schedule 1 attached hereto to
enter into Loan Packaging and Funding Agreements with Program Lender, and
Program Lender agrees to enter into such agreements with the Participating
Institutions listed on Schedule 1. In lieu of such entry into new agreements,
Program Lender also agrees, upon request by Marblehead, to accept an
assignment of, and assume the obligations of the rights of, Program Lender
under existing Origination and Funding Agreements between BankBoston, N.A. and
Participating Institutions listed on Schedule 1 attached hereto, copies of
which have been provided to Program Lender, PROVIDED, HOWEVER, that Program
Lender may require a new Loan Packaging and Funding Agreement with Wesleyan
University and PROVIDED, FURTHER, that all such Participating Institutions
listed on Schedule 1 must agree to amended documentation with Program Lender
to reflect new pricing contained in this Agreement. Regardless of the form
used, whether entering into new agreements or assignment of existing
agreements, the obligations of Program Lender to such new Participating
Institutions shall be conditioned upon the occurrence of the Loan Effective
Date.

     3.03.  On the Loan Effective Date, Program Lender shall issue to the
Participating Institutions listed on Schedule 1 a form of Pool Commitment
Certificate in

                                       4

<Page>

the form of Schedule 2 attached hereto, pursuant to the applicable agreement
with the Participating Institution. The specific entries in Schedule 2
attached hereto are proposals by Marblehead and are subject to review by
Program Lender.

     3.04.  Marblehead shall notify Program Lender of the Loan Effective Date
as soon as possible. The Loan Effective Date shall be the day after the final
termination date of the obligations of BankBoston, N.A., as Program Lender
under the BKB Umbrella Agreement, but not more than 120 days after the
Effective Date, and is currently scheduled for April 3, 2000.

     3.05.  Program Lender acknowledges that the Participating Institutions
listed on Schedule 1 attached hereto are parties to a form of Participating
Agreement that differs slightly from Exhibit E to the Umbrella Agreement.
Program Lender consents to the existence of such agreements. NCT covenants
and agrees that it shall enter into amendments to such Participation
Agreements to cause such agreements to conform to Section II.C of the form of
Participation Agreement attached as Exhibit E to the Umbrella Agreement.
Subject to such amendment, the existing Participation Agreements with the
Participating Institutions listed on Schedule 1 shall be deemed to conform
in all respects to the requirements of the Umbrella Agreement.

     3.06.  The parties agree to cooperate in good faith to achieve a rapid
and trouble-free transition for Participating Institutions from service under
the BKB Umbrella Agreement to service under the Umbrella Agreement.

     In the event that BankBoston, N.A. fails and refuses to fulfill its
contractual obligations (a) to continue funding partially disbursed GATE
Conforming Loans, or (b) to hold GATE Conforming Loans and cooperate in their
sale in a Securitization Transaction, Program Lender agrees (c) to purchase
any outstanding GATE Conforming Loans from BankBoston, N.A. on terms
satisfactory to Program Lender and NCT, (d) to resell those loans to NCT or
its designee under the Note Purchase Agreement, and (e) to either continue
funding partially disbursed notes or to cooperate with NCT in the origination
of new notes for unfunded disbursements.

     IV.    PRICING CHANGES.

     4.01.  The Note Purchase Agreement dated as of August 1, 1996, by and
between NCT and Program Lender, as previously amended, is further amended to
modify the definition of "Minimum Purchase Price" in Section 2.04 to read:

     "'Minimum Purchase Price' shall mean the sum of (a) all amounts [**] on
account of the related GATE Notes in question, plus (b) interest accrued on
the related GATE Notes at a rate equal to [**] per annum, calculated by
applying such rate to the amount [**] to the Purchase Date, plus (c) an
Origination Services Fee [**] for each [**] (such fee being payable [**]

                                       5

<Page>

plus (d) a sum equal to [**]. For purposes of this section, [**] shall
mean the current "Index" as computed under the GATE Note set forth at
Appendix B-2 to the Program Manual (February 2000 Revision) and the [**]
rate shall vary with the quarterly frequency and timing set forth in Appendix
B-2.

     4.02.  The preceding Section 4.01 shall take effect upon the later of
(a) execution by all Participating Institutions of amendments to Section II(C)
of the Participation Agreement to conform the same to the language set forth
in Section II(C) of Exhibit D attached hereto or (b) one day after the
closing of a Securitization Transaction covering loans originated from May 1999
through a date in March or April 2000.

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

WITNESS:                                       BANK OF AMERICA NA

                                              By:
---------------------------                      ---------------------------
                                              Its:

                                              THE FIRST MARBLEHEAD CORPORATION

                                              By:
---------------------------                      ---------------------------
                                              Its:

                                              THE NATIONAL COLLEGIATE TRUST

                                              By:
---------------------------                      ---------------------------
                                              Its:

                                       6

<Page>

                         TABLE OF SCHEDULES AND EXHIBITS

Note: First Marblehead Corporation is not a party to Schedules 1 and/or 2;
      Exhibits A, B, C and/or D. Pursuant to Item 601 of Regulation S-K,
      such exhibits are not being filed herewith.

SCHEDULE 1 - LIST OF BKB PARTICIPATING INSTITUTIONS
SCHEDULE 2 - FORM OF POOL COMMITMENT CERTIFICATE, INCLUDING BKB PARTICIPATING
               INSTITUTIONS
EXHIBIT A - REVISED FORM OF PROGRAM MANUAL
EXHIBIT B - NEW FORM OF EXHIBIT E-1, LOAN SUBSIDY RIDER TO PARTICIPATION
              AGREEMENT
EXHIBIT C - LOAN PACKAGING AND FUNDING AGREEMENT (REVISED FORM)
EXHIBIT D - PARTICIPATING AGREEMENT (REVISED FORM)

<Page>

                            FIFTH AMENDMENT TO
                            UMBRELLA AGREEMENT
                             (Bank of America)

     This Fifth Amendment to Umbrella Agreement ("Amendment"), amends that
certain Umbrella Agreement dated as of June 1, 1996, as amended (the
"Umbrella Agreement"), the parties to which are currently Bank of America NA,
a national banking association having an office located in the State of
California (the "Program Lender"), The National Collegiate Trust, a Delaware
business trust ("NCT"), and the First Marblehead Corporation, a Delaware
corporation ("Marblehead"). Capitalized terms used in this Amendment without
definition shall have the meaning set forth in the Umbrella Agreement. This
Fifth Amendment is dated as of August 1, 2000.

                                  RECITALS:

     A.   Bank of America NA, a national bank located in Arizona ("BANA")
entered into the Umbrella Agreement on June 1, 1996; and

     B.   The Umbrella Agreement was amended by the First Amendment dated
December 1997, a Second Amendment dated December 30, 1998, and a Third
Amendment dated December 1999; and

     C.   The rights and obligations of BANA were assigned to Bank of America
National Trust and Savings Association ("BANTSA") by Assignment Agreement
dated as of March 22, 1999, and BANTSA assumed and agreed to perform the
obligations of BANA; and

     D.   BANTSA subsequently merged with another financial institution, the
resulting entity being known as Bank of America NA; and

     E.   The Umbrella Agreement was subsequently amended by a Fourth
Amendment dated as of February 1, 2000; and

     F.   Program Lender, Marblehead, and NCT have agreed to permit the
special participation of Stanford University in the GATE Program pursuant to
a side letter dated as of August 1, 2000, among the parties to the Umbrella
Agreement (the "Side Letter") and a special form of participation agreement
entered into between Stanford University and NCT and dated as of August 1,
2000 (the "Stanford Participation Agreement"); and

     G.   Program Lender [**] (as defined in the Loan Packaging and Funding
Agreement) for Stanford University and its undergraduate students; and

     H.   FMC and NCT will be unable to raise capital sufficient to equal the
Minimum Purchase Price to purchase loans made under the Stanford Participation

<Page>

Agreement in the absence of credit support for GATE Loans made to
undergraduate students at Stanford University ("Stanford GATE Loans"); and

     I.   Program Lender desires to facilitate the securitization and
purchase of Stanford GATE Loans pursuant to the Note Purchase Agreement.

     NOW, THEREFORE, the parties to this Amendment hereby agree as follows:

     1.   Concurrent with the purchase, pursuant to the Note Purchase
Agreement, of any Stanford GATE Loan made to an undergraduate student at
Stanford University, Program Lender shall enter into a Guaranty Agreement in
the form attached hereto as Exhibit A with the purchasing entity. Such
Guaranty Agreement shall guaranty payment of principal and interest with
respect to all of the loans subject to the guaranty, subject to a maximum
liability of BA, all as more fully set forth in the Guaranty Agreement.

     2.   In all other respects, the Umbrella Agreement, as amended, is hereby
ratified and confirmed and shall remain in full force and effect.

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

WITNESS:                               BANK OF AMERICA NA

                                       By:  /s/ Kathy Cannon
----------------------------              ------------------------------
                                       Its: SENIOR VICE PRESIDENT

                                       THE FIRST MARBLEHEAD CORPORATION

/s/ John Niles                         By: /s/ Daniel Meyers
----------------------------              ------------------------------
John Niles                             Its: CHAIRMAN AND CEO

                                       THE NATIONAL COLLEGIATE TRUST

/s/ John Niles                         By: /s/ Daniel Meyers
----------------------------              ------------------------------
John Niles                             Its: CHAIRMAN

<Page>
                                                              TABLE OF EXHIBITS

Note: First Marblehead Corporation is not a party to Exhibit A. Pursuant to
      Item 601 of Regulation S-K, this exhibit is not being filed herewith.

EXHIBIT A -- FIFTH AMENDMENT TO UMBRELLA AGREEMENT GATE LOAN PROGRAM --
             STANFORD UNIVERSITY UNDERGRAD LOAN GUARANTEE AGREEMENT
             (BANK OF AMERICA)

<Page>

                                                                        04-22-02

                               SIXTH AMENDMENT TO
                               UMBRELLA AGREEMENT
                                (Bank of America)

     This Sixth Amendment to Umbrella Agreement ("Amendment"), amends that
certain Umbrella Agreement dated as of June 1, 1996, as amended (the "Umbrella
Agreement"), the parties to which are currently and Bank of America N.A., a
national banking association having an office located in the State of California
(the "Program Lender"), The National Collegiate Trust, a Delaware business trust
("NCT"), and The First Marblehead Corporation, a Delaware corporation
("Marblehead"). Capitalized terms used in this Amendment without definition
shall have the meaning set forth in the Umbrella Agreement, as amended. This
Amendment is dated as of December 31, 2000.

                                    RECITALS:

     A.   The Umbrella Agreement was amended by the First Amendment dated
December 1997, a Second Amendment dated December 30, 1998, a Third Amendment
dated December 1999, a Fourth Amendment dated as February 1, 2000 and a Fifth
Amendment dated as of August 1, 2000; and

     B.   The parties desire by this Sixth Amendment to extend the term of the
Umbrella Agreement.

     NOW, THEREFORE, the parties to this Amendment hereby agree as follows:

     1.   DEFINITIONS. Capitalized terms used herein without definition shall
          have the meaning set forth in the Umbrella Agreement, as amended.

     2.   AMENDMENT. The definition of "Currently Scheduled Termination Date"
          is hereby amended to read:

               "Currently Scheduled Termination Date" means December 31, 2002,
               provided, however, that such date shall automatically be
               extended for an additional year on such date and each
               anniversary thereof, unless either party shall have given
               notice of termination as otherwise permitted under the
               definition of "Termination Date," in which case the date of
               termination set forth in such notice shall govern.

     3.   In all other respects the Umbrella Agreement is hereby ratified and
          confirmed.

<Page>

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

WITNESS:                                 BANK OF AMERICA N.A.

/s/ [Illegible]                          By: /s/ Kathy Cannon
--------------------                         ----------------------
                                         Its: SVP

                                         THE FIRST MARBLEHEAD
                                         CORPORATION

/s/ [Illegible]                          By: /s/ Ralph James
--------------------                         ----------------------
                                         Its: President

                                         THE NATIONAL COLLEGIATE
                                         TRUST

/s/ [Illegible]                          By: /s/ [Illegible]
--------------------                         ----------------------
                                         Its:

                                        2

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