5 Ways To Afford Adoption Costs

If you are looking into adoption, you may have begun to realize how expensive it really is. Luckily, there are a few options that you have that will allow you to more easily be able to afford the process. Here are five cost options to look into:

  1. Adoption Loan: There are many different organizations that help families wanting to go through the adoption process by approving an adoption loan. Each different organization will have different requirements for families looking to use a loan through them. For example, some organizations will only provide a loan for families looking to adopt older children or children with special needs. 
  2. Military Benefits: Most families in the military will be able to be reimbursed for the costs of adoption. You will have to contact your military branch to determine how much reimbursement you will be able to receive, as well as how much time you are able to take off in order to adjust the newly adopted child into your home.
  3. Purchase of Service: A purchase of service is an agreement that is made between you, the adoptive family, and the child's adoption agency, a place like Hope's Promise. The child's adoption agency may agree to pay for the cost of a home screening, as well as post visits. This can save you on some of the little costs that add up in the adoption process. The reason the child's adoption agency may do this is if they are looking to get the child adopted quickly. This is usually the case with children in foster care. 
  4. Try Fundraising: Adoption is something that is difficult, but also an amazing thing for a family to go through since it gives a suffering child a permanent home and a family to love them. You can try spreading awareness about your desire to adopt and attempt to try and raise some money for the costs. Get your family and friends on board with the fundraising plan and it should help with some of the high costs of adoption.
  5. Adoption Tax Credit: For many families who adopt, there is an adoption tax credit. The amount you receive depends on your specific situation and any and all changes that may have been made in the past year that involve the adoption tax credit. However, you should keep in mind that this tax credit will become available to you and it may help with some of the costs that you have endured. 

Knowing some of these five ways to be able to afford the cost of adoption, it can put your mind at ease when you begin going over the costs with your adoption agency. 

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