Understanding the Student Loan Crisis

What’s Happening with Federal Student Loan Repayment?

Federal student loan interest resumed on September 1,2023 After being on pause since March 2020. For students who have federal student loans,it is time to adapt back to budgeting for these payments that will be due starting October 2023.

Student Loan Forgiveness,Or

While the Supreme Court recently struck down President Biden’s plan for sweeping student loan forgiveness,another plan is on the way. This new repayment plan — called the SAVE plan,for Saving on a Valuable education — allows borrowers to save thousands of dollars by keeping their monthly payments small (as small as $0) while also preventing interest from exploding what they owe. Under this new plan,borrowers would pay back just $6,121 for every $10,000 owed.

While the plan is complicated and may yet undergo court challenges or changes through legislation,it’s one step closer to helping provide relief to those carrying burdensome student loan debt with no end in sight.

Student Loan Debt by the Numbers

Today,student loan borrowers in the United States owe over $1.78 trillion in student loan debt. Forty-five million Americans (about one in five adults) owe on one or more student loans.

People between the ages 25 and 34,are part of the Group most likely to have student loan debt,but those 35 to 49,owe the most — more than $600 billion. Women typically borrow more than men and earn more degrees as well. A 2023 high school graduate can expect to borrow an average of more than $37,000 to fund a bachelor’s degree,down from 2022,when high school graduates were likely to take on more than $39,000 in debt.

Talking with a Canopy Credit Union financial coach will help you put your student loan debt into perspective through budgeting and saving strategies designed to help you get ahead and thrive when you arrive. We’re always here to answer your questions,share resources,and point you in the best direction to reach your financial goals. Click the link below to learn more! 

Get Help From A Financial Coach Today

7 Business Frustrations A VoIP Phone System Can Solve Right Now

Outdated or insufficient phone systems can wreak havoc on everyday business operations,creating subpar communications within and outside of the company,and costing much more than anticipated. There are common frustrations businesses face with phone systems that can no longer sustain their volume or cannot support features that are now common among companies. 

A VoIP phone system delivers solutions to the most common business difficulties and allows for growth without excessive enterprise-level costs. Explore how the traditional phone system is aggravating these frustrations and why the VoIP phone system is the solution. 

What is a VoIP Phone System?

VoIP stands for “Voice Over Internet Protocol” and is a phone technology that allows for calls to use the internet instead of the traditional phone system lines. VoIP phones work by having a VoIP adapter take the analog audio signal and change it into a digital one. The digital voice data is then sent to your business phone service provider via the internet and routed to the other end of the call. It’s a nearly instant process that gives VoIP phones a better sound quality than traditional phones.

A VoIP system works differently than a traditional phone system due to the lack of a circuit-switching method to connect calls. VoIP uses the packet-switching method instead. This means that only data is sent and isn’t required to go both ways while using different paths through the internet making the connection more efficient. The data is also compressed to allow for more quick sending,which is why the delay is never noticed. 

7 VoIP Solutions 

There are many benefits to integrating a VoIP phone system in your company,but what are the specific VoIP solutions to common business frustrations brought on by a traditional phone? 

Reducing Communication Expenses

A VoIP phone system can significantly reduce communication costs by utilizing internet connections for calls instead of traditional phone lines. This results in substantial savings,especially for businesses that frequently make long-distance or international calls. Beyond who is calling and from where,a VoIP phone service requires no equipment or maintenance,further reducing costs driven by a phone system that demands wires and lines. 

Increasing Phone Scalability

With traditional business phones,whenever people are onboarded or a new office is being opened,new phones are required. With VoIP phones,you can simply add new team members via an account dashboard as well as just have people install the right app on their personal phones. 

Access to Advanced Phone System Features

The VoIP phone system offers a wide range of advanced features that can enhance business communications. The features often include:

  • Call forwarding
  • Voicemail-to-email transcription
  • Auto-attendant
  • Call recording 
  • Integration with customer relationship management (CRM) software
  • Conference calls
  • Virtual receptionist
  • Hold music
  • Call waiting
  • Autodialer
  • Video conferencing
     

There are many other features you can use with your VoIP system depending on the provider and is cheaper than traditional telephone service providers because they often have recurring charges for add-ons.

Eliminating Poor Call Quality

VoIP technology provides excellent call quality,comparable to or even better than traditional landline systems. Businesses no longer have to tolerate dropped calls,echoes,or poor audio quality that could impact professional interactions due to how VoIP systems work. 

Remote Office 

Traditional phone systems require businesses to have separate phone lines for each physical location,leading to difficult setup and additional expenses. A VoIP phone system eliminates this by enabling businesses to have a centralized phone system that can serve multiple locations seamlessly. Employees can connect to the system from any location,enhancing collaboration and reducing the need for multiple phone systems,and allowing remote workers. 

Insights and Analytics

A VoIP phone system provides detailed call analytics and reporting features,giving businesses valuable insights into their communication patterns and customer information. These analytics can include metrics such as call volume,call duration,peak call times,and missed call rates. By leveraging this data,businesses can identify areas for improvement,monitor performance,and make data-driven decisions to enhance customer service and operational efficiency.

Routed Calling

A VoIP system offers advanced call routing capabilities,allowing businesses to customize how calls are directed based on specific criteria. This feature enables businesses to optimize call handling,ensure calls reach the right person or department promptly and implement strategies like time-based routing or interactive voice response (IVR) systems for efficient call management.

To learn more about this,please click the following link VoIP phone systems