Boston-based student lender The First Marblehead Corp. has completed the acquisition of Tuition Management Systems (TMS) from KeyBank N.A.

TMS is one of the nation’s largest providers of outsourced tuition planning, billing, counseling and payment technology services for colleges, universities, and elementary and secondary schools.

Tuition Management Systems operates in 47 states and serves more than 1,200 school clients. In 2009, TMS processed approximately $3.7 billion in tuition and related payments from over 400,000 families. The business was founded by brothers Steven and Jon Dodd in 1985 and is headquartered in Warwick, R.I.

"TMS brings to First Marblehead a stable, fee-based revenue stream derived from an outstanding business that complements our on-going effort to provide families and schools with market leading tools and products that improve access and affordability to education," said Daniel Meyers, First Marblehead chairman and CEO.

"We are extremely excited to further enhance our products and expand our leadership position in the outsourced tuition payment plan payment business under the First Marblehead umbrella," said Steven Dodd, president of TMS.

First Marblehead was advised by Sandler O’Neill + Partners L.P. and KeyBank N.A. was advised by UBS Securities LLC.