Turning 18 means adulthood to many Americans, but largely it doesn't mean financial independence. According to data from Sallie Mae and The Knot, parents are stepping in to pay for large portions of their children's tuition and wedding costs, even if the millennials themselves don't want to admit they're cashing checks from mom and dad.
The average total amount parents contributed to their children's college tuition in 2015-2016 was $27,468. College Board reports that, at that time, "the average published in-state tuition and fee price for full-time undergraduates enrolled at public master's universities is $8,225, compared to $10,354 at public doctoral universities."
As costs keep increasing, it becomes more daunting for students to pay either part or all their own way, and some parents are tapping into their savings or taking out loans themselves to ease the burden on their children.