While much has been written about the increasing debt burden that college students incur, little research examines student's perceptions of debt. This study sought to determine if student loan debt literacy differs by generation status (first-generation and continuing-generation). The data for this study was collected from a sample of 156 first-year college students at mid-sized, public institution in the mid-Atlantic region. The results showed statistically significant differences between first-generation and continuing-generation college students with respect to the decision to use loans. Implications for practice, debt literacy measurement, and future research are discussed.