Getting Financial Assistance
We are very aware of the sacrifices a family makes to adopt a child, financial and otherwise. For most families to make their adoption affordable, careful planning will be required. Thankfully, there are programs available in the form of loans, tax reimbursements, and even paid leave that offer families assistance with the expenses involved in adopting a child.
US Government
- Adoption Tax Credit: Beginning January 2002, the tax credit law has changed. This change allows adoptive families up to $10,000 deduction per child instead of $5,000. The tax credit applies to international adoptions after finalization. The tax credit is for expenses associated with each adopted child and includes all fees, travel, and attorney fees. Families with gross income that exceeds $190,000 are not eligible. The credit is designed to benefit moderate income families most. For detailed information, order Publication 968 from the IRS at 800-829-3676 or download it from the Internet at:
- Non-recurring Federal Adoption Assistance: Federal funds have been allocated to some states to reimburse adoption fees, including US citizens adopting abroad. All states are supposed to participate, although some states have not made these funds available. If a child has been assigned to you and has been diagnosed with what you consider is a minor medical condition, you may be eligible for this program. Contact your state's social services or adoption department for more information.
- Military: Active-duty military families are eligible for a one-time subsidy program of up to $2,000 per child or $5,000 for siblings for adoption assistance. This has been a little known program. Please contact your armed forces branch for details.
- National Endowment for Financial Education: Publishes a comprehensive booklet, "How to Make Adoption an Affordable Option" can be downloaded from the Internet at:
Corporate
- Corporate Adoption Assistance Programs: Over 200 corporations have established private programs to assist employees in adopting by offering assistance including extended leaves, out cash payments or reimbursement of documented adoption expenses. Check with your employer to see if they have an active assistance program.
- Matching Gifts: Some participating corporations provide matching funds for your adoption.
- Paid and Unpaid leaves
- Many employers help by reimbursing adoption expenses with a cash benefit of up to several thousand dollars. If your employer does not offer this benefit, call Adoption and the Workplace at the National Adoption Center (800-862-3678) for materials to guide you in requesting adoption assistance from your employer.
Loans and Grants
- The National Adoption Foundation Gold Option Loan: The National Adoption Foundation provides grants and loans to prospective adoptive parents for adoption expenses. Loans from $5,000 to $25,000.00 are available and no collateral is required. For more information contact MBNA America at 1-800-626-2760.
- The National Adoption Foundation: The mission of the National Adoption Foundation is to encourage pre-adoptive parents and children to come together, grow, and flourish. The National Adoption Foundation provides financial support, information, and services for adoptive and prospective adoptive families in order to assist them in the successful adoption of children. Their programs include grants, unsecured loans, credit cards and deposit products to aid families with the expenses associated with adopting and raising children. These programs are made available with help from MBNA America® Bank, N.A. For more information or to apply for an MBNA unsecured loan, call (888) 627-8767.
- For more information about any of these programs, please call or write The National Adoption Foundation, 100 Mill Plain Road, Danbury, CT 06811, (203) 791-3811.
- Hebrew Free Loan Association offers interest-free loans of up to $10,000.00 to Jewish adults who wish to adopt children internationally or domestically. The payment schedule for up to $5,000.00 is three years. The payment period for $5,001.00 to $10,000.00 is over a five year period. To contact them, go to their website at www.hflasf.org, click on "Types of Loans Available", and go to Adoption Loans.
Banks
- First Union Bank: 1-888-314-5437
- NationsBank: 1-800-448-7061
- MBNA America Bank offers unsecured adoption loans for up to $25,000 in conjunction with the National Adoption Foundation. These loans are available at fixed rates starting at 13.99% and at lower rates for home equity loans.
A Child Waits Foundation
Family
It may be difficult for some to ask family for assistance with their adoption, however we have found most family members are honored at assisting bringing a new member into the family and can't think of a better use for their money.
Your Community
Community support must not be underestimated! Carefully consider the possibility of asking for help from your friends and neighbors. This help can take the form of outright financial assistance or of fundraising activities, donation of goods to either the adoptive family or the orphanage. Have a bake sale! Write to everyone you know, telling them about your plans to adopt and asking for financial help. This has been done with marvelous results by many adoptive parents. People are eager to help, if they know that their contribution will enable a homeless child to have parents.
Your Church
In the spirit of James 1:27, churches can play a helpful role in helping a family adopt, with everything from fundraisers to car washes to garage sales. Church members often enjoy this as a way to be actively involved in bringing a child "home" to their church as well as your family. Some families have received financial help towards their adoption expenses from their church and other civic organizations in their local area.
And last but not least… Faith
It is important to remember that if you are led in your heart to adopt a child, especially one of these children, God will answer your prayer. We have seen amazing things happen and doors open for committed families!
