Chipload is simply defined as the thickness of a chip which is formed during the machining of a material. Chipload is critical because if the chip is the proper size, the chip will carry away the heat promoting long tool life. If the chip is too small, the heat is transferred to the cutting tool causing prematurely dulling. Too high of a chipload will cause an unsatisfactory edge finish, or part movement.
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The formula to calculate your chipload is: Feedrate / (RPM x # of flutes)

To increase your chipload you can:
Increase the feedrate
Decrease the RPM
Use less flutes

To decrease your chipload you can:
Decrease the feedrate
Increase the RPM
Use more flutes