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Adoption Financing and Funding
If you have researched various adoption serivces and programs,
you have discovered a wide range of fees and costs.
There are numerous ways to help receive adoption financing,
but it takes research and sometimes creativity.
Below are a few ways to help offset some of the
initial costs of adoption funding.
Employer
Adoption Benefits:
Many employers offer adoption benefits. Be sure
to ask even if it’s not listed in your employee
handbook. They may start an adoption program! Military
non-recurring program is a one-time subsidy program
for full-time military personnel. Ask your commander
for the form!
Adoption
Tax Credit:
There is currently an adoption tax credit of little
over $10,000 per child. It can be claimed in the
year that you finalize your adoption. Consult your
tax advisor about the steps needed to claim this adoption tax credit.
Banks:
Check with your local bank branch to see which
of their adoption services best fit your needs. Some of the adoptive families draw
from home equity and take out personal loans.
Most credit card companies also can write you
a check from your available credit limit. You
can always borrow from your 401K or your life
insurance policy as well. MBNA offers unsecured
loans specifically designed for adoptive parents.
They may be contacted at 866-219-5657. Finally,
you may also consider putting the adoption costs on a
low interest credit card. Even if the adoption agency
with whom you are working doesn’t take
credit cards, they will accept a check issued
by the credit card company.
Here is a great site
for help!
www.
chase.com /newadditions
The National Endowment for Financial
Education publishes a booklet: "How
to Make Adoption an Affordable Option"
This is free or can be read online at http://www.pueblo.gsa.gov/cic_text/family/adoption/index.html
JSW Adoption
Foundation is a private foundation established
to assist the potential adoptive parents by providing
cash grants to subsidize a portion of the adoption
financing. For further information view their
website at http://www.jsw-adoption.org.
A Child
Waits Foundation is a non-profit, charitable
foundation that makes low cost loans to families
adopting internationally. To learn more go to
their website at, http://www.achildwaits.org
The Hebrew
Free Loan Association: This organization
provides interest free loans to Jewish adults
wanting to adopt internationally or domestically.
Please visit their website http://www.hflasf.org/adopt-loans.html Also,
check with your own religious organization about
adoption financing assistance.
National
Adoption Foundation is the country's
only national nonprofit organization dedicated
to providing adoption financing and support, information,
and services for adoptive and prospective adoptive
families. They have recently expanded their programs
to include home equity loans, as well as unsecured
loans and grants for the adoption services and expenses. Please
visit their website at http://www.nafadopt.org/NAFPrograms.htm
United Way
International provides assistance for
costs of travel for children adopted with illness
needing immediate medical attention. Applications
selectively considered and must be supported
with a Doctor's statement. Call (703) 519-0092
for more information.
You can also visit http://www.karensadoptionlinks.com/funding.html for
more links to other adoption funding sources.
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