President Barack Obama announces new program that helps students and graduates pay back their student loans swifter and easier.

Last spring, almost 11,000 students graduated from ASU. That was 1,000 more students than in 2010 -- a clear sign that there's a greater demand for higher education.

But when you crunch the numbers, it’s not cheap.

According to collegeprowler.com , in-state tuition for ASU is $6,800 a year. Room and board is another $9,200 a year.

If you total that up over four years, the final price tag is $64,000!

President Barack Obama is unveiling a new program that could help 7.5 million students and graduates lower their payments -- and even consolidate loans.

It would also speed up an existing plan to lower payments to a smaller portion of one's income.

Obama is using his executive authority to bypass Congress -- putting the program on a fast track.

Student loans are second only to home mortgages when it comes to household debt.

For more stories from KSAZ Phoenix go to myfoxphoenix.com.

Follow us on twitter.com/foxnewslatino
Like us at facebook.com/foxnewslatino