The decision to adopt a child is a beautiful one. And it is not one made overnight. During the decision-making process, there are many things to consider, including the cost of adoption.
The cost of adoption can be intimidating. Based on the Adoptive Families 2016-17 survey, the average cost to adopt a child is $40-44,000. What can be done to make adoption more affordable and accessible?
One way to decrease the cost of adoption is through fundraising and crowdfunding. Online platforms are a great place to start. Some resources include GoFundMe, AdoptTogether, and Lifesong for Orphans. Tools like these allow you to create online profiles and fundraisers. Family and friends then have the opportunity to engage, track the progress of your goals, and donate to support your adoption.
Grants are another option to explore. These are a way you can receive financial aid without the burden of repaying the funds. Some of the most popular grants can be obtained through Gift of Adoption Fund, Katelyn’s Fund, and Help Us Adopt. Check out these grant opportunities and their criteria to determine the best fit for you and your family.
Interest-free and low-interest loans are another avenue to consider. Carefully review the criteria and repayment terms to make sure they match your qualifications and repayment ability. Organizations that offer loans to help cover the cost of adoption include the ABBA Fund, A Child Awaits, and America’s Christian Credit Union.
Offset the Cost of Adoption with the Federal Adoption Tax Credit
As you put together a plan to cover the cost of adoption, include the possible savings you will receive from the adoption tax credit. The tax credit can help you offset specific adoption-related costs. Read more to learn about the qualifications and limits for 2019.
Agency vs. Independent Adoption: A Cost Comparison
Agency Adoption
- Direct Costs:
- Agency Fees:< These fees can range from a few thousand dollars to tens of thousands, depending on the agency’s services and the type of adoption (domestic or international).
- Legal Fees:< You’ll need to pay legal fees for the adoption process, including court costs and attorney fees.
- Home Study:< A home study is typically required for adoption, and the cost can vary depending on the agency and your location.
- Travel Expenses:< If you’re adopting a child from another state or country, you’ll likely incur travel expenses for court appearances, meetings, and bringing your child home.
- Indirect Costs:
- Waiting Period:< Agency adoptions often involve a waiting period, which can lead to additional living expenses.
- Emotional Investment:< The adoption process can be emotionally taxing, and the time and energy invested may have indirect costs.
Independent Adoption
- Direct Costs:
- Legal Fees:< You’ll need to hire an attorney to handle the legal aspects of the adoption.
- Home Study:< A home study is still required for independent adoption, and the cost will depend on the state and the agency conducting the study.
- Advertising Costs:< If you’re searching for a birth mother, you may need to advertise or use other methods to find a match.
- Travel Expenses:< Similar to agency adoptions, you may incur travel expenses if the birth mother is located in another state or country.
- Indirect Costs:
- Time and Effort:< Independent adoptions often require more time and effort from the adoptive parents, including searching for a birth mother and navigating the legal process.
- Uncertainty:< There’s more uncertainty involved in independent adoptions, as there’s no guarantee of finding a birth mother or completing the adoption process.
Overall, agency adoptions typically have more upfront costs, but they often offer more support and guidance throughout the process.< Independent adoptions may have lower upfront costs, but they can be more time-consuming and involve more uncertainty. It’s important to carefully consider your financial situation, preferences, and the level of support you need when deciding between agency and independent adoption.
Remember, while adoption comes with costs, there are many sources of aid out there waiting for you. So, grab your calculator and sharpen your pencil — growing your family through adoption is possible with planning and savvy financial solutions.