There have been many phrases over the last few years to describe the latest generation. First it was Generation X, then it was Generation Y. But today's college students have been given a different label.

With college tuition costs soaring upward, students of today have been borrowing at unprecedented rates. That has led many to dub the current group of college students as "Generation Debt."

The dependence on borrowing from private lenders has added substantially to the issue. While finding lenders has become increasingly difficult, those students who do receive loan options are being hit with substantial interest rates.

A recently released document by the University of Kansas reveals a 50% increase in student graduation debt over the period from 1996 to 2007 for public loans alone. With private borrowing making up about 25 percent of student loans in 2007 ­as compared to 6 percent a decade before, it is easy to see why the current group of college graduates has indeed been dubbed "Generation Debt."