Add the sweetened condensed milk, milk chocolate chips, and cocoa powder to a large sauce pan on medium high heat.

Melt the chocolate chips and stir until the mixture is creamy.

Turn the heat down to low and add the milk.

Whisk the mixture until well combined.

Add the peppermint extract.

Bring the hot chocolate to a simmer and remove from heat.

Allow to cool slightly before serving.

Serve with a dollop of whipped cream or some mini marshmallows.