It’s no secret that adoption is expensive. The cost can be a significant roadblock for families pursuing adoption.
Fortunately, there are several ways that financial assistance for adoption can help bridge the gap. Through grants and loans, crowdfunding, employer-provided adoption assistance, and the adoption tax credit, you can secure the funds you need to realize your adoption dream.
Adoption Loans and Grants
Many organizations offer adoption loans and grants that families can apply toward adoption expenses. Adoption loans must be paid back, sometimes with little to no interest. Grants are awarded gifts that do not need to be repaid. Most grants require that you are currently working with an adoption agency and have completed an adoption home study. Both loans and grants may require follow-up photos or a summary of your adoption journey.
Some organizations will prioritize grants and loans for hopeful adoptive parents who seek to adopt older children, children with special needs, or sibling groups. Whatever your adoption preferences, an adoption loan or grant could be the financial assistance for adoption you need to ease your financial stress. Spend time researching all of your options. Here are just a few:
African American Enrichment Program – Lifetime Adoption offers the African American Enrichment Program to help families who qualify to adopt African American newborns, children, and sibling groups. Through this grant program, you could begin your adoption process for as little as $2,000 to start.
LightStream – LightStream, a division of SunTrust Bank, offers low-interest, fixed-rate adoption loans starting at 5.95% APR for applicants with good credit. This is a private, online application. It is simple and takes only a short time to complete. Once approved, you choose when you want to have the funds deposited in your account.
ABBA Fund – ABBA Fund offers adoption assistance for Christian families. They offer interest-free loans as well as their Christian Family Adoption Grant. In lieu of a traditional legal agreement, ABBA uses a covenant loan agreement. When you receive financial assistance from ABBA, you commit to honoring your covenant with God.
Lifesong for Orphans – Lifesong for Orphans offers creative fundraising tools, matching grants, and interest-free loans for qualified families. The level of financial assistance is based on the financial needs of the adoptive family, the needs of the child, availability of funds, and support from the adoptive family’s church.
Social media and crowdfunding platforms have opened up fundraising opportunities like never before. You are no longer limited to neighbor yard sales and bake sales to earn financial assistance for adoption. You can now bring your adoption fundraising efforts to a more global community. These crowdfunding platforms can help you connect with a wider audience and raise more considerable funds with speed and efficiency.
AdoptTogether – Create your profile on the world’s largest fundraising platform and connect with people in your community and beyond to help fund your adoption.
AdoptionBridge – This ministry of Every Child has a Name can help you bridge gaps in financing your adoption through crowdfunding, their generous donors, and partner agencies.
GoFundMe – Create your site, share your story, and collect your funds on this easy-to-use platform.
Employer-Provided Adoption Assistance
Ask your employer if they offer benefits for employees who choose to adopt. Many employers offer a range of financial assistance benefits for adoption.
You may be entitled to reimbursements for adoption expenses such as adoption agency fees, legal fees, maternity fees for the birth mother, placement fees, and travel expenses directly related to the adoption.
Many employers have the same policies for new adoptions that they have for maternity leaves. You could be eligible for paid and unpaid leave.
Adoption Tax Credit
The adoption tax credit is another benefit that can make your adoption more affordable. This credit is available for both domestic and foreign adoptions. The adoption tax credit can be applied to adoption fees, court costs, attorney fees, traveling expenses, and other expenses directly related to the adoption.
The maximum amount for adoptions finalized in 2019 was up to $14,080 per child. Check with the IRS for updated information each year. If you adopt a child with special needs, you are generally qualified for the maximum amount.
Your tax benefit also includes income exclusion for employer-provided adoption assistance.
Any of these financial assistance options could significantly offset the expenses incurred during your adoption process. Financial assistance for adoption is right at your fingertips. With a little research and creativity, you can overcome any financial hurdles that stand in the way of growing your family through adoption.
As the Chief Operating Officer (COO) of Lifetime Adoption, Heather Featherston holds an MBA and is passionate about working with those facing adoption, pregnancy, and parenting issues. Heather has conducted training for birth parent advocates, spoken to professional groups, and has appeared on television and radio to discuss the multiple aspects of adoption. She has provided one-on-one support to women and hopeful adoptive parents working through adoption decisions.
Since 2002, she has been helping pregnant women and others in crisis to learn more about adoption. Heather also trains and speaks nationwide to pregnancy clinics to effectively meet the needs of women who want to explore adoption for their child. Today, she continues to address the concerns women have about adoption and supports the needs of women who choose adoption for their child.
As a published author of the book Called to Adoption, Featherston loves to see God’s hand at work every day as she helps children and families come together through adoption.