First Marblehead Announces Planned $1.68 Billion Securitization of Private Student Loans

BOSTON — The First Marblehead Corporation (NYSE: FMD), a leading provider of outsourcing services for private, non-governmental education lending, today announced the scheduled closing of a securitization enabling the purchase of private student loans by The National Collegiate Student Loan Trust 2005-3 (the Trust) and the related issuance of Student Loan Asset Backed Notes by the Trust and Student Loan Asset Backed Certificates by the related NCF Grantor Trust 2005-3. The Trust has filed with the Securities and Exchange Commission a preliminary prospectus supplement regarding this transaction. The Company expects the transaction to close on or about October 6, 2005.

The loans were originated from several different banks under various loan programs that were structured with the assistance of First Marblehead. The Trust expects to raise approximately $1.68 billion from the sale of asset-backed securities, and plans to acquire private student loans with a principal and accrued interest balance of approximately $1.2 billion in the transaction.