from THE DICTIONARY OF PHRASE AND FABLE BY E. COBHAM BREWER 1894 ed.:
Gyp: A college servant, whose office is that of a gentleman's valet, waiting on two or more collegians in the University of Cambridge. He differs from a bed-maker, inasmuch as he does not make beds; but he runs on errands, waits at table, wakes men for morning chapel, brushes their clothes, and so on. His perquisites are innumerable, and he is called a gyp (vulture, Greek) because he preys upon his employer like a vulture. At Oxford they are called scouts.
I get in huge fights with people about gyp being a racial slur against gypsies. For one, I go to the source: the dictionary, but most modern dictionaries say the etymology is 'probably from gypsy.' it's not.
gyp is not from gypsy, but has only become associated recently with gypsy because of the similarity of the words. By believing it is a racial slur, it becomes one.