In order to apply for an adoption loan, you need to first find a reputable organization. Talking to your agency, or other seasoned adoptive families, can help you narrow down your search while avoiding scams. Each organization will have its own requirements and restrictions (some are only for couples adopting, some are geared toward older child adoptions, some are for those with excellent credit, while others are available to people with average credit, etc.), so make sure to do your research. You’ll have to find the one that fits your needs best, while you fit theirs. Some of these adoption loans are “interest-free,” so adoptive parents can meet financial deadlines without racking up additional debt while they borrow. If you don’t qualify for an interest-free loan, or it doesn’t fit your needs well, you can definitely consider an alternative loan method, like an unsecured personal loan or credit card. Just know there are options. 

You may need to have completed a home study before applying for a loan, and you may need to apply before a child is placed in your home. Apply during your wait time sweet spot, and apply with the knowledge that you will need to repay your loan. Will you be using your adoption tax credit to repay, or can you pay monthly? Do you need a loan for the duration of your adoption wait, or do you just need it for a particular fee/payment? Can you front the cost for the home study, or do you need assistance to make it through that first step? These questions will really help narrow down when you need to apply.

When applying for a loan, you will need to prepare and ready much of your financial information. Once you have done that for one loan, keep that information organized so that it is much easier to apply for the next. Many loan applications ask similar questions, so it’s helpful to keep your answers saved from one to help you eliminate application time on the other. Anything to help curb the time you spend on paperwork is a must-have.

Once you have found the right organization for you, determined when you need to apply, and readied your financial information, download the application and get to work. It’s not a quick process, and you won’t finish in a day. But, if a loan is what stands between you and your child, fill that baby out.

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1. Grants

There are tons of grants out there on the internet, and many can have a huge impact on your fee schedule. Each one has multiple stipulations and restrictions, so you have to make sure to read each one thoroughly. Some are geared towards Christian families, some are designed for single mothers, while others are aimed to assist those adopting children with diagnosed special needs. Many grants will not allow you to apply for them until after you have completed a home study, while others cannot be applied for until you have a match. Some meet quarterly, while others meet once a month, and these meet times can affect when you would receive payment. Many grants have very similar, and extremely lengthy, applications, so once you apply for one, you should be able to apply for the next one more quickly. You probably won’t fund your entire adoption through grants–depending on which ones you actually qualify for, you’ll still be one applicant amongst many. But, you can hopefully count on a couple of grant checks coming your way!

2. Loans

There are multiple loan options available to prospective adoptive families, and many of these options have saved adoptions around the globe. There are many loan options out there, similar to the variety of grant options available, and they’re all designed to assist a different demographic–some are geared toward those adopting older children, while others are for those with nearly perfect credit. When you find one that’s right for you and your family, a loan can help bridge that gap between your bank account and a fee deadline. Loan applications are similar to grant applications in terms of length and detail, so have your financial information at the ready.

3. Tax Credit 

The tax credit can be an amazing blessing to adoptive parents. Once your adoption is complete, and if you have qualified adoption expenses, you are eligible to receive the tax credit. It can be up to $13,570 per eligible child for past expenses. This credit can not only help to pay for doctor fees and therapy appointments, but you can use it strategically to pay off your adoption loans. It can be a wonderful way to help pay off the debt you occurred only months before.

4. Fundraise

Fundraising may seem like an insane endeavor to many, but it has saved countless adoptions. Though tireless and exhausting, it can not only help your adoption become fully funded (or at least well on its way), it can help you acquire a large supportive village to be there when you bring your new child home. There are so many fundraising options out there–from selling tangible items through supportive organizations (soap, coffee, flower bulbs), selling things that you or those you know have made, hosting silent auctions, spaghetti dinners, and yard sales, or hosting fundraising goal promotions (puzzle or envelope fundraiser). There are so many avenues to go, and so many successful ways to host. Whether you go through your church or local restaurant, or do it primarily online through a blog and social media, you just have to find how you can reach the most amount of people for your cause. It’s a beautiful thing to see people rally up behind another to better the orphan crisis.

5. Save, Save, Save

Unfortunately, grants, loans, and fundraising don’t always cut it. No matter how many different yard sales you host, or how many grants you apply for, you may still be a little short. In these situations, families have to save as much as they can while they wait. When saving, people have cut luxuries like cable and going out to eat, have gotten second or third jobs, or have rearranged their finances to tighten up their purse strings and be smarter about where their money is going. It’s not a very fun way to pay for an adoption, but it’s a reasonable way to meet those needs.

There are multiple ways to help you afford adoption, and they are all lucrative avenues. None are easy, but with enough elbow grease and will power, you can definitely fully fund your adoption. There is hope at the end of the fee schedule tunnel, so don’t lose sight of why you’ve begun your journey. Each baked good you sell, each job you acquire, and each application you fill out is getting you one step closer to bringing your child home.

The post 5 Ways To Help You Afford Adoption appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

and protested loudly, but she had to put it on anyway. Watching happy families go by only added to her misery. In a

month she will have been in foster care for over five years. At sixteen her prospects of adoption were fading as each

day fell from the calendar. She had built a tough shell and resigned herself to the fact that she wasn’t wanted. Her

foster family was kind, but she wanted a permanent family. A place to call her own. Looking across the room at her

foster mom she musters a smile, but really, she just wants to disappear.

Sound like a great fictional story? Sadly, it’s not. For this young lady and thousands more like her the thought of a

loving family is just a dream. Right now, in Virginia, my home state, there are approximately 1,500 children in

foster care waiting for a mama to tell them stories, a daddy to tuck them in at night, and the permanence of a

place to call home.

Free Adoption?

Foster adoption is available in every state and an option you should consider, especially since it’s a nearly free

adoption option. In most states foster adoption costs little to no money, financial assistance is sometimes

available post adoption for ongoing care. Health insurance is also available in some states until the child is 18

or 21.

There is also the fact that you are breaking a cycle. Children who age out don’t have good statistics. One in

four will have involvement in the justice system. One in five will be homeless. Nearly half will drop out of

school.

These children feel alone, abandoned, and scared. Family means everything to these kids. It is their past, present,

and future rolled into one. When we took a leap of faith and brought our first child home from a foster care adoption

eight years ago, we had no idea what a magnificent journey we would be privileged to witness. From abuse and

neglect, to a thriving child with a future that is as bright as his blue eyes.

That sixteen year old has a bright future now too. A family engaged her at the party and fell in love with her spirit.

This year she celebrates her first Christmas with her mom and dad. Her first stocking will be hung, her first family

Christmas cards go out in a few weeks. She’s home.

Adopt from foster care. Be someone’s past, present, and future.

The post Foster Adoption: The Free Adoption Option More People Should Consider appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.