If you received an auto-dialed or pre-recorded call from Sallie Mae or any other affiliate or subsidiary of SLM Corporation to your cell phone between October 27, 2005 and September 14, 2010, you could receive between $20 and $40 from a class action lawsuit settlement.

Sallie Mae has agreed to pay $19.5 million to settle a class action lawsuit that alleges these automated phone calls violated the Telephone Consumer Protection Act (TCPA) because they were made to class members’ cell phones without their prior express consent. You’re considered a class member of the Sallie Mae TCPA class action lawsuit settlement if you received an automated call from Sallie Mae or one of SLM Corporation’s affiliates or subsidiaries on or after October 27, 2005 to September 14, 2010. The case is entitled Arthur, et al. v. Sallie Mae, Inc.

As a class member, you can receive the following benefits from the Arthur TCPA settlement:

(1) Monetary Relief: Class members who submit an approved claim form will be eligible to receive between $20 and $40, not to exceed $500, in the form of either a cash award or reduction award. To receive a cash award, you must have never been 180 days or more delinquent on a Sallie Mae loan payment and still have an outstanding balance. If you have, at any time, been 180 days or more delinquent and still have an outstanding balance, you’ll be eligible for a one-time reduction from your principal balance through the reduction award. If you’ve already paid off your Sallie Mae loan balance, you’re out of luck. Any settlement money left over after paying out the cash awards and reduction awards will be given to charity. All claim forms must be postmarked by February 26, 2011.

(2) Revocation Request: If you don’t want to receive future automated calls to your cell phone number from Sallie Mae or one of its affiliates, you must fill out and submit a Revocation Request form no later than February 26, 2011. There are two forms to fill out: one for those who have had some sort of lending or servicing relationship with Sallie Mae, and one for those who have never had such a relationship.

The deadline to opt out or object to the class action settlement is December 13, 2010. The Final Fairness Hearing will be held December 17, 2010. More information on the Sallie Mae Class Action Lawsuit Settlement, including downloadable claim forms, can be found at www.ArthurTCPASettlement.com.