College grads have it rough this year. Not only are they facing the worst job market in a generation, but they are graduating with record levels of debt.

Unemployment among college graduates is currently the highest this decade and even slightly higher than the national average of about ten percent. According to the National Association of Colleges and Employers, less than 20 percent of the class of 2009 graduated from college with a job offer in hand. Worse yet, studies show that graduating in a recession will depress earnings throughout a person’s career, even after the economy recovers. Bad timing, class of 2009.

And our newly minted grads can’t simply hang out in their parents’ basement and wait for things to get better; they have too much debt. 2008 grads carried over $23,000 in student loan debt across the stage with them when they got their degrees.

Luckily, new rules allowing for income-based repayment of student loan debt can help many young adults struggling to pay their monthly vig after their grace period is expired.

For those who leaned on credit cards to finance books, daily essentials and (god forbid) tuition, the outlook could not be worse. They are seeing rising rates and minimums at a time when every penny is precious.

Need help, Dustin? Here’s a short video from CNN.com with more information on student loan deferment and job hunting for recent grads.