Adoption Financial Aid
*This information is intended for reference use only, Act of Love has no affiliation with the below mentioned parties.*
The Adoption Tax Credit
The Adoption tax credit can give families a $12,150 tax write-off for adoption expenses. The 2010 health care bill increased the credit and adoption assistance exclusion by $1,000 (the maximum amount of $13,150 per eligible child). The adoption credit is made refundable and extended through 2011. Please check the Tax Benefits for Adoption Information and the 2009 Tax benefits summary (.pdf) both by the IRS.
Military Adoption Credit
Military personnel can receive up to a $2,000 reimbursement for adoption expenses. Contact your military branch for information.
Corporations/Employment
It is estimated that more than 30% of employers now offer adoption financial assistance or are willing to assist if they are approached. Contact your supervisor or human resources department and ask if they offer an adoption financial assistance program. If they do not, ask if they will assist you personally, let them know to contact the IRS to receive a tax write off for the money they donate to your adoption. Many have tried this and succeeded! Government agencies usually provide this service. Check http://www.benefits.adoption.com for a list of major corporations that offer adoption assistance to employees.
Adoption-Friendly Workplace Program
The Adoption-Friendly Workplace program is run under the Dave Thomas Foundation for Adoption. It encourages employers to offer adoption benefits and honors those who do. Check the America’s Best Adoption-Friendly Workplaces List for more information.
Health Insurance
Double check your health insurance policy. Laws require most insurance policies to cover an adopted baby’s medical costs. Most insurance plans also reimburse adoption costs from $2,000-5,000. If you don’t know if you qualify, call and ask.
Adoption State Subsidy
Visit http://www.nacac.org to see a list of all states. Some states offer a subsidy, usually for special needs children. The definition of ’special needs’ varies between states.
Adoption Grants
Chance for a Child – http://www.i-a-a.org/chanceforachild.htm
Offers grants based on financial need.
Oxford Adoption Foundation
Based on financial needs for adoptions, Oxford Adoption Foundation offers no- and low-interest loans for international adoptions. Their typical loans scheme for maximum term of nine years is 0% interest for the first 3 years, up to 6% interest for the last 6 years.
Gift of Adoption – http://www.giftofadoption.org or 1-877-905-2367
Offers grants based on financial need. If money is the only thing holding you back, make sure you emphasize this in your application so you receive priority.
National Adoption Foundation (NAF) Grant
The National Adoption Foundation offers low interest loans with special terms for adoption expenses that a family may have before, during and after the adoption is finalized. The grants are based on financial need. Apply online to their Adoption Assistance Loan at http://www.nafadopt.org/loanprograms.htm
Federal Title IV-E Adoption Assistance
Federal Title IV-E Adoption Assistance Program includes the Foster Care and Adoption Assistance programs that provide state maintenance payments for foster care, and adoption assistance, as well as the guardianship assistance care for eligible children.
Offers loans based on financial aid.
Adoption Loans
MBNA Gold Option Adoption Loan – 1-800-626-2760
Offers a loan for adoption with competitive interest rates, up to $25,000.
MBNA Adoption Foundation Credit Card – 1-800-932-2775 code AF2R
Offers a credit card with a fixed competitive interest rate, up to $25,000.
Credit Card Application Center
A comprehensive credit card center that you can easily compare different credit cards.
IVF Financing is a loan program and a part of Medical Business Solutions, which offers a wide variety of unsecured home equity and adoption loans. Although the IVF program was originally intended for infertility treatment financing, they extended their services to include adoption. To apply online, go to https://www.ivffinance.com/localivffsignup.html
Credit Based Loans / Adoption Network Law Center
Adoption Network Law Center offers help with unplanned pregnancy, adoption services, and domestic adoptions. They provide credit-based loans for up to 84 month, as well as interest-free 90 days cash on all loans.
Fifth Third Adoption Financing
Fifth Third is a diversified financial services company with its headquaters in Cincinnati, Ohio. The company helps families with international adoptions with their program applying to families from Florida, Ohio, Illinois, Michigan, Kentucky, Indiana, and Tennessee.
First Union Bank Adoption Loan Program
The First Union Band provide intercountry adoption loans to families living the cities the bank operates in. For more information, call 888-314-5437.
U.S. Bank provides a wide range of financial services, including help with the adoption loans and home equity loans.
The Funds For Families loans are offered by West Michigan Community Bank and Adoption Associates, Inc., and are intended for families who may not have the initial funds required for fees payments involved in the adoption process.
APFUSA provides a wide range of secure loans and home equity loans, as well as unsecured personal loans up to $25,000.
Interest Free Loans / Lifesong for Orphans
The Lifesong Legacy Fund is provided by the TMG Foundation offering interest-free adoption loans. In addition, Lifesong for Orphans utilizes the equity offered by the Manna Group businesses to help grow orphan care initiatives.
Hebrew Free Loan Association offers interest-free loans to the members of the Baltimore metropolitan Jewish community. Families or a single person may loan up to $10,000 for their child adoption needs.
Grants for Christian families / The Abba Fund
The Abba Fund provides interest-free adoption loans to Christian families who need financial help to cover the adoption expenses.
Lifetime Adoption Financing Loan
Adoption Financing Information provides a wide range of information about adoption grants, adoption loans, and other ways to support families before, during and after their adoption.
World Association for Children and Parents (WACAP)
WACAP is one of the largest international non-profit adoption and child assistance agencies in the U.S. The association provides interest-free loans to couples and single persons who are in need of adopting a child.
The U S Waiting Child Loan Program provides low-interest adoption loans up to $4,000 for the maximum term of three years. The program is funded with the contributions from individuals, companies, and organizations.
A Child Waits Foundation is a non-profit charitable foundation that provides low-interest adoption loans and adoption grants for families who might not be able to adopt a child due to financial constraints.
This information is intended for reference only. Because each individual case is different, you must do some research on your own. This is a new program for A Act of Love, we encourage feedback from these different sources. Please notify us of any other sources that you come across that we can share with future families who wish to adopt. We hope this information will be helpful.
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