Shares of First Marblehead Corp., a student-loan company, fell sharply on Tuesday a day after its loan insurer filed for bankruptcy.

First Marblehead has suffered during the current credit market crisis as it has not been able to sell securities packages of student loans since September. Those loans had been guaranteed by now bankrupt Education Resources Institute, or TERI.

The company is working diligently on securing an alternative guarantor as well as structural solutions for loan default guarantees for future originations, First Marblehead said according to a statement.

In addition, we have adjusted our collection and underwriting strategies to adapt to the challenges presented by the turmoil in the capital markets and the current consumer credit cycle.

Shares of First Marblehead fell $2.84, or 36.7 percent to $4.86.