Frequently asked questions
answered

• What does Chip® do?

  

  Chip® uses your own spending habits to create a method of automated, effortless payments to your student loans. Chip makes principal payments by rounding up spare change, which will save you thousands of dollars in interest payments and shave months off of your payment term. We aim to provide financial peace of mind with the goal of putting your student loan in the past.

• How does it work?

  

  After connecting with Chip®, each purchase will create spare change with our round-up technology. Chip® will debit the user's connected account after $5 in spare change is achieved. This process will repeat until $50 has accumulated in your account. Chip® then sends this money to the loan as a principal payment!

• Is Chip® secure?

  

  Chip® prioritises the security and privacy of your personal and financial information. We employ state-of-the-art security technology, including AES-256 encryption, to safeguard your data against unauthorised access. Additionally, we partner with FDIC-regulated banks, ensuring that your funds are held in secure and monitored accounts. Rest assured, Chip® takes every possible step to maintain the highest level of security for our users.

• Where does my money go?

  

  Chip® calculates your round-ups on the homepage of the app. Money is not debited from the user's account until $5 in spare change has been rounded up. After $5 has been totaled, Chip® debits the users account and is moved into an FDIC secured account. This process repeats until $50 has accumulated. Chip sends the payment directly to your student loan as a principal payment.