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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


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 your funding source. 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 bank to your loans. This fee is charged at the end of the each round up cycle, and is subtracted from your round-up total.

Minimum and Maximum Feature

Minimum Payment Levels:

  • The minimum payment amount is to make sure yo make some progress every month.  You can set your minimum payments to fit your budget and change it every month.  If your monthly round-ups are $8 and your minimum is $20. We will apply the $20 payment to your loan.

Maximum Payment Levels:

  • The maximum payment amount can be set to give you control over your payments.  The maximum payment is just that, it is the largest payment we will make for you that month.  
  • For example, if your monthly rounds ups are $55.50 and your maximum payment is set at $50. We will apply a $50 payment that month. This can be changed every month. 

What is Chipper? 

  • Chipper is a financial app that allows you to take control of your student loans by seeing them all in one place and then helps you make extra payments to crush your debt faster. 

What is a Chipping Account?

  • Chipping Accounts are what we call your additional checking and credit card accounts that once linked, we monitor for purchases. This is how we track your round-ups. These are in addition to your funding source accounts.

What is a Funding Source?

  • Your funding source is your checking account that is linked in Chipper. This is where we will pull the funds for the payment to your loans.

How do round-ups work?

  • The way our app works is that we keep track of your round-ups based off of your daily transactions from the card(s) you linked. We will keep track of your roundups from your Chipped Accounts and Funding Source transactions, which you have linked in the app.
  • At the end of the monthly round-up cycle we calculate the total. The total amount calculated for each round-up cycle is pulled from your funding source and is sent as a payment to your student loan. Whoo!
  • Here’s an example: If you spend $4.80 on a Starbucks’ coffee – we will round this amount to the nearest dollar amount, which is 20 cents. The 20 cents will be part of your round-up total, so for every daily expenditure we will round-up your purchase to a dollar amount. If your purchase is $5.00 on the dot then we would round your purchase a whole dollar.
  • Your round-ups are calculated in the app at the beginning of each day and the total will appear at the top of the app. On the first business day of each month we will pull your total round-up amount from your funding source as a one-lump-sum payment to your linked student loan. 


What are monthly Round-ups?

  • You will see these on the transaction screen in the app. This is the is your current month-to-date round-up total. If we pulled the payment today, this would be the amount of your payment. This will help you budget for your payment.

$2 to Financial Freedom; is there subscription fee?

  • No, no – we promise you there isn’t! We apologize to all of our users if this wasn’t 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 enable our “Pause Loan Payments” or close 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 on the first business day of each month.


When does Chipper pull money from my funding source?

  • We initiate the payment the 1st business day of each month. 

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.

How long does it take to see my payment applied to my loan?

  • You can expect to see the payment applied to your loan 7-10 business days after the Chipper payment has been sent.

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 principal 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!


Which loan is 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.


Can I pay off other loans?

  • Our desire is to help you achieve financial freedom. Today, we are focused only on student loan payments. 

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.


What happens if I have roundups in Chipper, but I paid off my loans?

  • We do two things. First, we refund your money and then we throw a party to celebrate this huge step. 

What if I change my username and password for my lender/bank? Do I have to switch my accounts in Chipper?

  • Since we are connected to your financial institutions and loan providers, when you change your username and password on these sites, it may cause you to have to sign in on Chipper with new credentials for us to maintain the connection.

How do bank pulls work?

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

    Can Chipper refund my monthly payment?

    • Once a Chipper payment is made, we immediately apply this payment toward your student loan by sending it to your loan provider and cannot issue refunds.  We encourage all Chipper users to check their Monthly Round-ups and minimum and maximum levels to make sure their payments are in order before the payment dates.  

    How do I close my Chipper account?


    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


    Happy Chipping!


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