SOUTH BEND -- Anthony Iannamorelli comes from a long line of Notre Dame graduates. And that's what makes this day extra special.

"Actually my dad just gave my graduation present, which was when I was 6 years old, he had Lou Holtz sign 'Congratulations graduate of 2008.' So it's a life-long dream that I worked pretty darn hard to get to," said Iannamorelli.

But that life-long dream comes with a hefty price tag. Iannamorelli is graduating with $55,000 in college debt. And that's after finding ways to cut costs.

"And I actually had a ROTC scholarship for a year as well, my freshman year and opted out of that because I decided the Army wasn't for me. And I graduated early to save a little money and stop the mounting debt," said Iannamorelli.

Like many graduates, Iannamorelli is paying off much more than students did several years ago. Economics professor Teresa Ghilarducci points to two main reasons: creditors and universities.

"Creditors giving loans to students don't care if the students can pay them back. And the colleges don't care if the students can pay it back because in the meantime they can jack up tuition and they'll let the students borrow the money," explained Ghilarducci.

Ghilarducci also says the role of a financial aid counselor has changed. She says 20 years ago they used to counsel students on what they could afford instead of how much money they could get.

Iannamorelli says it's tough knowing he has to pay back so much money. But he says the value of his education will be well worth it.

"The way I always looked at student loans was that it's an investment for your future. That you invest that in there and later on it will pay off," Iannamorelli said.

Experts encourage students to start paying off their debt right away. And that may mean living like college student instead of a college graduate for a few yeas.