Frequently Asked Questions

Your friends at Chipper are here to help. If you don’t see your question, feel free to ask us!

What is Chipper?​

Chipper is the first student loan management app that empowers you to take control of your debt—on your own terms. Our intuitive, automated tools allow you to manage and pay back your student loans easier and faster. Chipper helps you determine the best repayment plan, while also saving you thousands of dollars in interest with chipping features, like Round-Ups, Recurring and One-Time Boosts, and Pool.

How does it work?
First, tell us what your current situation is. After answering a few quick questions (takes 2 minutes), we’ll direct you to the repayment path best suited for you.
You could qualify for lower monthly repayments or student loan forgiveness! We help you understand and manage your options (including the application processes). Even if you don’t qualify for lower monthly repayments or student loan forgiveness, you can still pay off your loans with change from everyday transactions, schedule extra recurring or one-time loan payments, and have friends and family chip away at your student loans through your own personalized Chipper link.
Chipper users save an average of $6,400 and 2.5 years in repayment! 🤩
Do I pay for Chipper?

Chipper is free if you only use our Discover Tool and/or our Forgiveness Tracker. If you use our other Chipper features such as Round-Ups, Recurring Boosts, (we don’t charge for a one time boost payment), and Pool there is a small fee of $2 per month in order for us process your transactions. You will only ever be charged $2 a month, regardless of how many Chipper features you use (we suggest taking advantage of them all). But Chipper is not a subscription, you will not be charged if you aren’t actively using any of the Chipper features.

Yes. In order to fully take advantage of Chipper’s awesome features and benefits, you must link your loans to chip away at your student debt.

How does Chipper protect my information?

With bank-level security, and 256-bit encryption—one of the most secure data encryption techniques, our app and website are highly secured. This level of security protects your account information, prevents unauthorized account access, and we will notify you of any unusual account activity.

What is the Repayment Widget?

The Repayment Widget allows you to explore which of the 100+ repayment plans you’re eligible for. Find and understand the best repayment plan for you from a curated list of options, including Income-Driven Repayment Plans, loan forgiveness, and much more. We also help you manage and apply for the repayment plan you choose. You have plenty of options, Chipper helps you find the best one. Just answer a few short questions and we guide you through the rest.

What is an Income-Driven Repayment Plan?

An Income-Driven Repayment (IDR) Plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size.

What are the qualifications for IDR Plans?

You must have federal loans. Unfortunately, private loans are not eligible. 

Once I apply do I have to do anything else?

You will need to recertify your income and family size every year. But don’t worry, we can help you recertify.

Can I switch plans?

Yes, for free at anytime.

Do I have to apply to all of the plans I'm eligible for?

No, choose the best plan for you and apply only once.

What is Student Loan Forgiveness?

If you work in education, public service, healthcare, or for a non-profit you could have your loans totally forgiven after 10 years! Find out which programs you’re eligible for, track your progress, and see how much of your loans could be forgiven.

Does everyone qualify for forgiveness?

No, for most student loan forgiveness programs you must work in education, public service, or for a non-profit. If you’re not sure if you qualify, it’s completely free to find out! Click here to see if you qualify. 

What other qualifications are there?

Besides being employed by an eligible employer, you must have federal loans. Unfortunately, private loans are not eligible. 

Once I apply do I have to do anything else?

You will need to recertify your employment status, income, and family size every year. But don’t worry, we can help you recertify!

Can I switch programs?

Yes, for free at anytime. However, most people only qualify for one forgiveness program. If you switch, you may lose years of qualifying repayments thus prolonging the path to forgiveness. 

What are Round-Ups?

Round-Ups are one of our chipping features. Pay down your debt without even feeling it. As you spend money on normal purchases like groceries or gas, we apply the change (rounded up to the nearest dollar) to your highest-interest loan. These payments are sent on a weekly basis.

Can I use a credit card for Round-Ups?

Yes. You can use a credit card for your Round-Ups. In fact, you can link as many debit and credit cards as you like. However, credit cards can not be used as a funding source for your required monthly repayment.

What is a Chipping Account?

This type of account is unique to our “Round-Ups” feature. With Round-Ups, we track the rounded-up change from your transactions and send the total toward your loans each week. If there is an account that you’d like us to track for rounded up change, other than your funding source, add it as a chipping account.

What is the Min./Max. Feature?

Budget your Round-Ups by customizing a weekly minimum and maximum amount of money you’d like sent to contribute to your loans. With min./max., you guarantee your minimum is always sent, and your maximum is never exceeded—so you don’t break the bank!

What are Boosts?

Boosts are one of our chipping features. Send one-time payments immediately to your loans when you have a little extra cash. Or, take advantage of scheduled monthly payments. Just choose your preferred amount, the day of the month you’d like the payment to be made, and kick back with the peace of mind that you’re going the extra mile toward financial freedom.

Can I still use Chipper if I have private loans?

Although the repayment plans and forgiveness programs are only available to those with federally held student loans, you can still use all of Chipper’s Chip Away features such as Round-Ups, Boosts, and Pool.

Why aren't private loans eligible for repayment and forgiveness?

IDR Plans and and most forgiveness programs are made available by the federal government for federally-held student loans only. Since private loans are not held by the federal government, they do not qualify for IDR and forgiveness options. However, some states offer student loan forgiveness for private loans, military loan forgiveness may apply to some private loans, as well as disability discharge, death discharge, for-profit college closure, and the inability of your servicer to prove ownership or that the debt is owing. You can always check with your private loan servicer and ask what options are available for forgiveness. 

What is Chipper Pool?

The ones who love you most can directly contribute to your student loans through your unique Chipper Pool URL—like a GoFundMe, but for student loan debt. Share your link with friends and family and watch your debt disappear.

As a Chipper Pool contributor, can I have more than one card linked at a time?

As a contributor, you can only have one card linked for payments at one time. BUT, you can contribute to as many Chipper Members at one time as you like!

As a Chipper Pool contributor, can I stop payments at any time?

Of course. You can manage any payment scheduling or banking information through your Pool dashboard. You can access the dashboard by logging in with your email and password at the link your Chipper member sent you.

Will my Chipper member receive confirmation that I have sent money to their loans?

Yes! We want your Chipper member to know how awesome you are for helping them reach their financial goals! You will also receive a confirmation email when any one-time or recurring payment has been processed.

As a Chipper Pool contributor, will I be charged a transaction or processing fee?

No. We do not charge Chipper Pool contributors. 

When can I expect a payment to go through as a contributor?

Payments can take between 24-72 hours to process.

Which loan will Chipper direct my payments to?

In order to prioritize your debt pay-off, we send your payments to the loan with the highest interest rate.

Do my Chipper payments go toward my principal loan balance or the interest?

In order to prioritize your debt pay-off, we send your payments to the loan with the highest interest rate. Loan lenders are required by law to apply payments first to any outstanding interest or late fees. If you make a payment before your required monthly repayment, this payment will be applied towards the interest, if your payment is made after your required monthly repayment, it will be applied towards the principal.

How will Chipper let me know when my payment is sent?

We send an email notification for every payment made through Chipper at the time of payment. If you don’t see an email from us, please check your spam folder.

How long does it take for payments to hit my loan?

Lenders don’t always move as fast as we do. It generally takes 7-10 business days for a payment to hit your loan. It could take longer for the lender to update this payment. If you haven’t seen your payment on your lender’s website after this time frame, reach out in-app or at, and we will take care of you.

Can I pause any of my payment features?

Yes, you can pause payment features at any time. Just tap the purple icon next to your Round-Ups or scheduled Boost until it is switched to gray (paused mode). You will never be charged the processing fee while your payment features are paused.

What is a Funding Source?

This is the primary checking account any payment made to your loans is pulled from. Whether you’re chipping away debt with rounded-up change, or making extra scheduled or one-time payments with Boosts, the funds will come from this account.

When does Chipper pull money from my funding source?

For Round-Ups, money is pulled on Monday of each week. For monthly Boost payments, money is pulled on the day of the month that you specify. If you are making a one-time Boost payment, the money will be pulled the same day you submit the payment.

You can unlink a loan or bank account by swiping left on the loan or bank account. A purple trashcan will appear and a confirmation will pop-up to confirm you want to unlink your loan or bank account.

What if I change my username and password for my bank/lender?

When you change the username and password to your financial institutions or loan providers, Chipper may prompt you to re-login with your updated username and password for us to maintain the connection.