Financial Information – Adoption Cost in the US | How much, Private, Average Costs, Homestudy https://adoptioncosts.com Fri, 19 Apr 2019 16:10:14 +0000 en-US hourly 1 https://wordpress.org/?v=5.8.4 https://adoptioncosts.com/wp-content/uploads/2018/01/favcon.png Financial Information – Adoption Cost in the US | How much, Private, Average Costs, Homestudy https://adoptioncosts.com 32 32 Where To Get An Adoption Loan https://adoptioncosts.com/where-to-get-an-adoption-loan/ Fri, 27 Apr 2018 08:30:11 +0000 https://adoptioncosts.com/?p=108 Many couples pursuing adoption don’t have enough reserves to cover a private adoption. Whether adopting domestically or internationally, average fees for adoption can reach well over $40,000. A lot of adopting families use fundraising, retirement accounts, or even home equity loans. But for others who don’t have those resources, where do you begin?   Thankfully more financial institutions are offering creative financing for adoption funding. Even five years ago an adopting family was only able to use credit cards, home equity, or receive funds from friends and family willing to help. You’ll want to check out your lender thoroughly as

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]]> Many couples pursuing adoption don’t have enough reserves to cover a private adoption. Whether adopting domestically or internationally, average fees for adoption can reach well over $40,000. A lot of adopting families use fundraising, retirement accounts, or even home equity loans. But for others who don’t have those resources, where do you begin?  

Thankfully more financial institutions are offering creative financing for adoption funding. Even five years ago an adopting family was only able to use credit cards, home equity, or receive funds from friends and family willing to help. You’ll want to check out your lender thoroughly as each lending institution has different requirements, ranging beyond credit requirements. If you aren’t able to find a loan through a traditional lending institution the following may hold some options for you.  

https://adoption.com/loans

Did you know Adoption.com has loan options? It takes just two minutes to get rates to you.

www.lightstream.com

Lightstream funding is affiliated with Suntrust Bank. Lightstream offers a variety of adoption loans ranging from $5,000 – $100,000. Interest rates vary by amount and repayment terms but can be as low as 5.49% (with automatic payment) up to 17.49%. You can check out their site for a listing of available lending amounts, terms, and interest rates.

www.abbafund.org 

Abba fund is an adoption assistance program for Christian families. They provide interest free loans ranging in amounts from $6,000-8,000.  While they do not provide full amount loans, any amount interest free is a win-win. They have a multi-use application for loans and grants offered through their institution. Check out their site for additional information. 

www.americaschristiancu.com

America’s Christian Credit Union is a credit union geared toward Christian clients. Loans through the credit union cover domestic and international adoptions. Including travel expenses for international adoption. They provide loans up to $50,000, for terms to 84 months. Interest rates start at 5.99%.

www.fundyouradoption.org

The National Adoption Foundation offers loans ranging in the amounts of $5,000-$50,000. They offer loans at personalized interest rates according to your credit and past loan history. You can apply and get a two-minute response for an estimated interest rate in two minutes with no impact to your credit score. An official rate and application will require a hard credit inquiry.

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]]> What Is Included In The Cost Of Adopting https://adoptioncosts.com/included-cost-adopting/ Tue, 30 Jan 2018 04:53:13 +0000 https://adoptioncosts.com/?p=30 When my husband and I started the adoption process we weren’t sure what to expect in terms of cost; we just knew what most people know: adoption costs a lot! But, why? Where does all the money go? And, to further complicate the matter, why is there such a huge discrepancy in the cost of adoption? It can range anywhere from almost free to tens of thousands of dollars. The average cost of a domestic infant adoption in the United States is roughly $40,000. Unfortunately, the huge expense is what deters many couples or individuals from adopting. While there are

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]]> When my husband and I started the adoption process we weren’t sure what to expect in terms of cost; we just knew what most people know: adoption costs a lot! But, why? Where does all the money go? And, to further complicate the matter, why is there such a huge discrepancy in the cost of adoption? It can range anywhere from almost free to tens of thousands of dollars. The average cost of a domestic infant adoption in the United States is roughly $40,000. Unfortunately, the huge expense is what deters many couples or individuals from adopting. While there are many factors that impact the cost of adoption, it can be beneficial to know what’s actually included in the cost of adopting. Here’s a typical breakdown of where the money is going.

Agency

This includes your home study, post placement visits and reports, as well as administration and marketing/advertising; essentially a lot of very important paperwork. Learn more what the right agency can do for you by clicking here.

Birth Parents

This includes practical care like housing, groceries, utilities, transportation, maternity clothing, phone service, and maybe even things like tokens for the laundry mat; all things that can help make a pregnancy less stressful for an expectant mom. Another aspect included is pre and post placement counseling and ongoing support, which is beneficial for healthy open adoptions.

Medical

Often your potential birth mother will have her own insurance, but if she doesn’t, adoptive parents may be responsible for her doctor’s visits and hospital stay. Also, any medical costs for the baby that aren’t covered by adoptive parents’ health insurance.

Legal

Both birth parents and adoptive parents will need attorneys to ensure everything is done ethically. This also includes court costs, filing fees, and certified copies of paperwork.

Travel

Domestic adoption doesn’t necessarily mean local adoption. Many couples (including myself!) travel out of state to adopt. If a “match” is made early in the pregnancy, adoptive parents often travel to meet expectant moms beforehand, so they have time to bond before the baby arrives. Travel costs are generally what make international adoptions more expensive.

Even though the costs are overwhelming, knowing where your money goes can help keep things in perspective. There are a few ways to help ease the financial burden, including creative fundraising, applying for grants, comparing costs between agencies (because they all vary!), and the adoption tax credit.

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]]> 5 Ways To Help You Afford Adoption https://adoptioncosts.com/5-ways-help-afford-adoption/ Tue, 30 Jan 2018 04:51:05 +0000 https://adoptioncosts.com/?p=27 Often times, if you ask someone who is interested in pursuing adoption why they haven’t taken the plunge yet, their answer is “well, we just don’t have the money.” Adoption is expensive! No adoptive parent will tell you otherwise. We’ve all scrounged and saved and prayed our way through each fee and update and know the heartache that can occur if we just don’t quite have it all in time. But, we’ve all survived and come out with cute kids on the other side. There is hope at the end of a seemingly dark financial tunnel. If you are interested

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]]> Often times, if you ask someone who is interested in pursuing adoption why they haven’t taken the plunge yet, their answer is “well, we just don’t have the money.” Adoption is expensive! No adoptive parent will tell you otherwise. We’ve all scrounged and saved and prayed our way through each fee and update and know the heartache that can occur if we just don’t quite have it all in time. But, we’ve all survived and come out with cute kids on the other side. There is hope at the end of a seemingly dark financial tunnel. If you are interested in adoption, or have already begun your journey, take heart! Here are five ways that can help propel you into your way to afford adoption.

  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!

  1. 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.

  1. 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.

  1. 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.

  1. 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.

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]]> Foster Adoption: The Free Adoption Option More People Should Consider https://adoptioncosts.com/foster-adoption-free-adoption-option-people-consider/ Tue, 30 Jan 2018 04:46:59 +0000 https://adoptioncosts.com/?p=24 She sits on a bench at the party. She’s been dressed for the holidays in a brand new outfit. She didn’t want the outfit 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.

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]]> She sits on a bench at the party. She’s been dressed for the holidays in a brand new outfit. She didn’t want the outfit

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.

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