Drilling is one of the most widely used and technically demanding machining processes in the industrial sector. Effective control of chip formation is crucial for balancing cutting tool performance, hole quality, and productivity. This study aimed to investigate the drilling of SAE 1020 steel using a High-Speed Steel (HSS) drill under varying feed rates (f) (0.06, 0.09, 0.12, and 0.15 mm/rev). A constant spindle speed of 2000 rpm was used for all experiments, with a 5 mm diameter drill, and a chip-breaking drilling cycle was employed. The stopping criterion for the experiments was either the completion of 120 drilled holes or tool failure. The following output variables were analyzed: cutting tool wear, RMS electrical current required by the machine, and chip morphology. For this, flank wear (VBBmax) was monitored using a digital microscope, a low-cost RMS electric current acquisition system based on a Hall effect sensor was employed to capture real-time data, and the chips generated during the process were analyzed using scanning electron microscopy (SEM). The results indicated that feed rate significantly affected tool wear, with the highest feed rate condition leading to sudden drill failure after only 24 holes. Additionally, the average electric current values showed an increasing trend with higher feed rates. Chip morphology analysis revealed that feed rate not only altered the shape of the chips but also highlighted the presence of built-up edge formation during the drilling process. In conclusion, the feed rate had a substantial impact on all output variables, including tool wear, electric current, and chip formation. Based on the findings, lower feed rates are recommended when drilling with a 5 mm diameter drill under similar conditions to those used in this study.