I have an extended family. By that, we're talking around eighty members total, so I'm sure by claiming I'm a "first-generation" college student, that's not entirely the case. But in my immediate family, I'm the first to pursue post-secondary education, which comes with a whole host of its own pros and cons.
In favor, it's an amazing opportunity to be a pioneer making your own path. Look at it like this: there's been no one before you, so there's really no one in the family to let you know how all wrong your decisions can be(on the flip, there's no one to right your course, either!). There is also, as I've witnessed with other students who are second and third-generation student, no fear of not "measuring up" to what came before you. If your dad was the star football quarterback or your mom made valedictorian, it might be a setback to not make the team and bearing a "C's get degrees" mentality. In short, there's no comparison, so, mostly, you can consider yourself free from judgement.
On the other hand, being the first one means no one in the family has any wise words of wisdom applying to this particular stage of life; they've never been there! You're on your own primarily, and forced to step out of your shell to forge your own path. I've seen legacies(students whose parents actually went to the same college institution they are going to) be able to establish networking opportunities fast with their parents' old relations, and that's just an advantage first-gen students will not be accompanied by.
In summary, being a first-generation student has some benefits for the independent thinker, but don't be afraid to work for the fruits of your labors. Coming into an institution solo may seem daunting at first, but bear in mind, all the successes you will accomplish will come from your own efforts and skill sets, and the satisfaction of your own self-determination makes it all worthwhile.