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Chip Away Your Student Loan Debt

Chipper rounds up change from everyday transactions and automatically chips away your pesky student loans. The average borrower will save $6,200 and 4 years on repayment.

Chipper terminology & definitions

Frequently Asked Questions

Round-up:

The savings difference from rounding the price of a transaction to the next dollar. We currently round up whole numbers as well. For example, if a transaction was $4 we will round up to $5 and track the $1 difference towards your round-ups.

Round-up Cycle:

Our current cycle occurs on a monthly basis, and round-ups are set to be calculated at the end of each month. If the date does change in the future, we will be sure to let our users know, well in advance.

Funding Source:

This is the checking account that we will use to pay off your loans. The total round-up amount calculated at the end of each round-up cycle will be pulled from the funding source. Right now the funding source can only be a checking account – we currently do not support credit cards or savings accounts as funding sources. Sorry for the inconvenience, but this may change in the future.

Transaction Fee:

We currently have a $2 transaction fee that is charged as a service fee to allow us to securely transfer your payments from your banks to your loans. This fee is charged at the end of the each round up cycle, and subtracted from your round-up total.

$2 to Financial Freedom
What?! There’s a subscription fee?

  • No, no – we promise you there isn’t! We apologize to all of our users if this wasn’t very clear from the sign-up process (we’re working on changing this). We currently have a $2 transaction fee. This fee is charged as service fee that allows us to securely transfer your payments to your loans.
  • If a user decides to pause or suspend their Chipper account they will not be charged. A user is only charged this fee when they are actively using their round-ups to pay off their loans.
  • This fee is charged at the end of the each round up cycle, and calculated out of your round-up total.

 

How do round-ups work?

  • The way our app works is that we keep track of the “round-ups” of the transactions from the card(s) linked to your account each month and at the end of the monthly “round-up cycle” we calculate the total. The total amount calculated for each “round-up cycle” is pulled out the funding source* that you have set up in your Chipper account and used to directly pay-off your student loan. Whoo!
  • Here’s an example: If you spend $4.80 at Starbucks on that super yummy tall pumpkin spice latte – we will track those 20 cents and add them to your round-ups. Around the 1st of each month we will pull the total round up amount that has been calculated from the funding source in one lump-sum and put it directly towards your linked student loan. Your roundups are calculated in the app at the beginning of each day and the total will appear at the top of the app

How do bank pulls work?

  • We pull the money to pay off your loan directly from your funding source. To learn more about the funding source, please see our Chipper terminology in the section above. If you’re still confused please feel free to message us through our chat-box.

 

Does Chipper support paying off multiple loans?

  • We allow you to link multiple loans to your account to have one place you can see all your loans. However, at this time, we currently only support paying off one loan at a time.

How do bank pulls work?

  • We pull the money to pay off your loan directly from your funding source. To learn more about the funding source, please see our Chipper terminology in the section above. If you’re still confused please feel free to message us through our chat-box.

 

Does Chipper support paying off multiple loans?

  • We allow you to link multiple loans to your account to have one place you can see all your loans. However, at this time, we currently only support paying off one loan at a time.

 

Which Loan gets paid off first?

  • We want to be as effective as possible when helping you crush your loans. To help you save the most amount of time and money on your repayments, Chipper will identify which loan has the highest interest and begin to pay it off first – with your monthly round-ups.

 

Does the money from my round-ups pay off the interest on my loan or the principal amount?

  • The money from your round-ups will be used to start chipping away at your the balance on your loan.
  • Since your chips fall outside of your monthly payments, for many providers, this will be applied to your balance if you have already made your usual payment.
  • We are working with other providers who do not apply this to the principla every time. We are continuing to work to make this better.
  • This how we’re able to save you such ridiculous amounts of time and money with such small chips!

If we were unable to answer any of your questions on this FAQ page, please feel free to message us directly through the chat in your Chipper App or reach out to us at payments@chipper.app.

 

Happy Chipping!

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