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Financing adoption: The truth about cost

On Behalf of | Jul 17, 2017 | Adoption

Many people worry that adoption will cost too much, so they may never start the process. Interestingly, adoptions can cost very little or be extremely expensive depending on the route you choose.

What kind of funding options are there for adoptions?

Some agencies use sliding scales to determine what a family pays. That’s an amazing system, because it means a family with less money will not have to pay as much as someone who can afford to pay more. The sliding scale makes adoption much more affordable for low- or middle-income families.

Other options might include loans or grants. For instance, a loan might be used to cover larger, immediate expenses, while grants do not need to be repaid and could be used to pay for the adoption directly.

Tax credits also help offset the cost of an adoption. From 2002 onward, there has been a tax credit of up to $10,000 for all adoptions. This was made possible by the Hope for Children Act, which aimed to place more children in loving homes.

What are other options if adoption is not affordable?

One good option is becoming a foster parent. Foster parents receive a check each month to cover the expenses related to caring for the child. The child is also provided medical assistance at no cost to you. If you decide to adopt your foster child, you can continue to receive medical and financial assistance moving forward. There are few costs for foster families, which is why this is a good route to go if you believe you may be willing to adopt your foster child later.

In the end, it is possible to adopt a child for next to nothing. Even if your costs are high, there are tax credits and grants that may offset those fees.

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