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.

The post Where To Get An Adoption Loan appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

1. Use your tax refund. The federal tax credit for qualifying adoptions is over $13,000. This is a tax credit, which in essence means you will receive every dollar back. Of course, this can be rolled over for up to five years and you will only receive credit for your actual qualifying adoption expenses. Most states also have an adoption credit, so make sure you check with your CPA on that as well. When you receive your tax refund, use every dollar of it to pay back the adoption loan. You should not be expecting this money and it should not be accounted for in any other place. That way, you can use every dollar you receive to pay back the adoption loan that much faster.

2. Fundraise. If you didn’t fundraise while “waiting” for your adoption, you can do it now that your child is here. This can get a little tricky and to some does not feel “right” asking for donations or money when you have a baby because if you could get pregnant and have a baby the “natural” way you wouldn’t be asking people for money or donations. Which I totally get, but if you are open to the idea, use it. We used fundraising while waiting for our adoption with www.ordinaryhero.com. You could also have a large garage sale, hold a benefit, use online sites such as gofundme.com, etc. Any of the money you earn during put directly on the adoption loan. That way you can pay the loan off as soon as possible. 

3. Create a budget. If you didn’t already create a budget while waiting for your child, now is the time. Children are extremely expensive and so is an adoption. This is a very important tool for every family to use. We keep track of all of our income and expenses in an Excel spreadsheet. You could use the good old paper and pencil method as well! But keep track of what is coming in and what is going out. At the end of every month, any extra money you have left over you should put directly on the adoption loan, again, that way paying off the loan as soon as possible. Just like the tax refund, any other “unexpected” money should be put directly on the adoption loan. You don’t want to have the extra debt hanging over your head forever as a constant reminder, get it paid off!

The post How to Pay Back an Adoption Loan appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

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.

The post How To Get An Adoption Loan appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

When considering a loan for adoption do your research, and prepare your finances to support a new loan. Don’t go buy a new car on loan. Scale back on eating out every meal. Skip that beach vacation this year. Paying back an adoption loan is no different than any other loan. There are institutions that will do a loan specifically for adoption like America’s Christian Credit Union, ABBA Fund, or Pathways for Little Feet. These loans are interest free and of course should be the first option when applying for any loan. Low interest loans are also available from places like A Child Waits Foundation. If for whatever reason these loans are not available to you, there are other options. If you have equity in your home, consider a second mortgage that can later be refinanced. This will give you the cash you need when you need it. There are also low interest personal loans or an open line of credit. You could even look into borrowing from your life insurance policy.   

Yes, people will think you are crazy for taking a loan out to adopt, but in reality it’s no crazier than taking a loan out to buy a car or home. If you understand the risks involved in making that monthly payment and your finances allow for it loans are a real option for adoption!

If a loan seems like it’s not the right option for you, there are many ways to afford adoption.   

America’s Christian Credit Union

ABBA

Pathways for Little Feet

A Child Waits Foundation

The post Why Adoption Loans Aren’t Scary appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

Here are four reasons to consider getting a loan to fund your adoption.

1.     Having financing available in the bank allows for surprise situations. The most typical way to welcome a new child into your home is to match with the birth parents, wait several months for your child to be born, and then bring them home. However, many times a situation arises unexpectedly, like the baby is already born or the potential birth parents are ready to view profiles. In case you are chosen during one of these sudden events, you will be expected to submit payment immediately. Having financing available will allow you to share your profile with those potential birth parents looking to match right away. This also works for when the potential birth parents are looking to choose a family for a child already born.
2.     Be prepared for unexpected medical or travel needs. For non-local adoptions, you will be required to travel. Traveling and lodging can add up, especially if your child’s birth mom experiences a false or long labor, or if your baby needs extra time at the hospital. You can tally up quite a total for all of your days waiting for ICPC clearance for you to return to your home state. Having funds available to you will allow for less stress and more flexibility during your out-of-town stay or during a lengthy stay in the NICU. 
3.     Adoption loans are low to no interest. Adoption loans have a lower interest rate than other typical loans or credit cards. Your total interest payments will actually not be as large as you would think when you select a loan specifically for adoption purposes. There are also non-interest loans that can allow you to slowly pay portions of your adoption without needing to gather all funds up front.
4.     Keep your cash on hand for raising your child. Something common for all adoptive parents to speak about is the fact that you spend so much money on the adoption journey that there is little left to actually raise your child and buy all the things you need. Keep your savings account and cash on hand and consider a low to no interest loan to spread out the cost of adoption over a longer period of time, keeping you from becoming financially drained.

A few places to research for no to low interest loans:

America’s Christian Credit Union

ABBA FundPathways To Little Feet

Lifesong For Orphans

Lightstream

The post 4 Reasons to Consider an Adoption Loan appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

The Adoption Assistance and Child Welfare Act of 1980 was created by Congress to provide federal adoption subsidies to help encourage placement of special needs children. Children can receive federally-funded adoption subsidies under Title IV-E of the Child Welfare and Adoption Assistance Act of 1980, or they can get state-funded adoption subsidies (non-Title IV-E) based on each state’s guidelines.

A child can be deemed to have special needs and be eligible for an adoption subsidy if they meet specific guidelines. These guidelines are set by each state. Some of the guidelines include but are not limited to the age of the child, a sibling group who are being adopted together, medical disability, mental disability, emotional disability, family history that the child may need special medical treatment; or the child’s ethnic group.

Eligibility for an adoption subsidy also depends on the state (each state is different) making every effort to make sure it is impossible for the child to remain with the birth parent(s). The state must also make every effort to find parents willing to adopt the child without receiving a subsidy. An exception would be unless such efforts would not be in the child’s best interests. 

A special needs child must also meet at least one of several other eligibility conditions which include but are not limited to the following; be in foster care for at least 60 months, the child is entitled to social security benefits, or the child is born to a minor child who is currently in foster care. Prior to 2018 the child’s birth family must have met an income requirement in order to qualify for the adoption subsidy. Now, regardless of the birth parent’s income, all children who are eligible for subsidies due to special needs will be eligible for subsidies if they are adopted from foster care.

There are a few ways to receive adoption subsidies.One way is to receive a monthly maintenance payment. This amount is determined on a case-by-case basis and can be reviewed/changed if the adopted child’s needs change. Sometimes adoptive parents are eligible for a one-time reimbursement for the cost of adopting a child with special needs. This amount is regulated by the federal government as well as each state. Also, children who qualify for the subsidy is also eligible for medicaid. Sometimes if they are covered by a state-fund adoption subsidy, it is up to that state whether or not the child is eligible though.  

The post Qualifications for an Adoption Subsidy appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

Adoption subsidies are federal and/or state programs designed to help families who adopt children with special needs. These special needs can be anything from prenatal drug exposure, medical needs, physical needs, emotional needs, the fact that they are part of the sibling group, or that they are an older child. The first thing that you need to know about adoption subsidies is that there are options for both state and federal subsidies, and state subsidies will vary greatly from state to state.

That being said, here is what to know about adoption subsidies in general. They are available for any child who is in the custody of an agency (foster care agency or private adoption agency). Adoption subsidies are more commonly known in the foster care adoption world. Every child adopted through foster care is eligible and typically comes with some time of adoption subsidy/assistance.

If the child you are considering adopting through foster care does not come with an adoption subsidy or if the agency is trying to negotiate you out of an adoption subsidy, you need to stand your ground. The adoption subsidy is the child’s right and offers a lot of added protection for them. 

What people often don’t know is that adoption subsidy is also available if you adopt an infant or younger child that is in the custody of a private child placing agency. This is something that you will need to research for your state as I cannot guarantee that every state offers this, but most states do. Typically, adoption subsidy or adoption assistance must be negotiated and all documents signed prior to the child’s adoption finalization. If this does not happen, then you cannot go back and do it in the future, so, make sure that everything is wrapped up prior to that final order of adoption being signed.

So, what comes with adoption subsidies? Again, this can vary from state to state, but typically the child has Medicaid as a secondary insurance until the child turns 18. This is a great benefit for the child and the family as Medicaid often covers things that private insurance will not cover. There is also typically a monthly stipend for the child. The amount you will receive each month varies on the needs of the child and on the amounts that different states can provide (this will vary greatly from state to state). It could be anywhere from a couple of hundred dollars a month to a couple of thousand. It is also important to know that the amount can be re-negotiated as the child gets older and may have more needs than they did when they were younger.

Adoption subsidies are an important part of the adoption process if you are considering adopting a child with special medical needs, who is older, or who is part of a sibling group. Make sure to do your research, ask your questions, and don’t back down from going through this process. It is something that your child deserves to have in order for your child to have every opportunity afforded to him or her.

The post What Is An Adoption Subsidy? appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

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

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.

The post What Is Included In The Cost Of Adopting appeared first on Adoption Cost in the US | How much, Private, Average Costs, Homestudy.

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.