[deenielo]

Hi everyone - I'm in the beginning stage of the adoption process (haven't signed on with an agency yet) and I started researching funding options for all the adoption costs. My husband and I make a good living, but I'm feeling overwhelmed at the idea of spending $40,000 to bring home a child. I was wondering if anyone had any suggestions about how to fundraise, obtain grants or loans, etc. I'm at a loss as to how so many people are able to afford such large sums of money (especially if you end up adopting more than one child). Please help!!

Many thanks!
- Dina

[sak9645]

Do remember that you can adopt through the U.S. foster care system for virtually no money. And some kids even come with subsidies for medical care. Of course, it is not easy to find a healthy infant; most children are older or have special needs.

If you don't want to adopt domestically, then remember that Russia is about the most expensive country from which to adopt, in part because many families now have to make 2-3 trips overseas. The travel is always one of the most expensive parts of an international adoption. Consider another program that has a single trip, or that allows escort; such programs are likely to be less costly.

Also, do remember that the costs of an international adoption are paid out over a fairly long period of time, not all at once. Today, with the time frame of international adoptions lengthening, you may pay initial costs -- for example, the cost of a homestudy and USCIS clearance -- nearly two years before you pay your travel costs. During the long wait, you will have time to save money, work a second job, or whatever.

In addition, do remember that there is a federal tax credit. While you can't take it until your adoption is final, and although your own financial situation will govern how much of the credit you can take, many families wind up getting back up to $10,000 when they file their taxes. Although the current credit is supposed to expire next year, it has been reauthorized in the past, and there is likely to be support for its reauthorization this time around.

Unfortunately, because of the economy, sources of adoption grants and loans may not be as plentiful as they once were -- and they were never all that common.

The good news is that many people do borrow against their 401K/tax sheltered annuity, or find other ways to meet the costs. Borrowing from family members, or selling off extra assets such as vacation homes, boats, or extra cars also helps.

Sharon

Sharon

[beckyww]

Ditto what sak9645 says - you don't have to pay it all at once, that's a real help. Plus the tax credit. And when you travel - do sensible stuff, like take a suitcase of snacks from Costco.

Personally - I don't know any rich people who have adopted. We're sure not.

Becky
This Reminds Me

[amyfk]

HI,

I dont know a lot but are you a homeowner? We took out a home equity line of credit. We havent paid it all back(we completed Adoption in 2006) but we are paying it off slowly, month by month. We didnt do any fundraising so I cannot help you there.
I wish you the best! Sometimes it's hard for me to fathom why we have to save so much to adopt children who really need a home.(but I do know having gone through the process where the fees come into play but I do think my thoughts sometimes)
Amy K, NJ

[sbardolf]

I am in the final stages (going back to Russia this coming Tuesday, for a court date on Friday). I didnt do any fund raising or ask family for money. But as the others have stated, it is spread out over a period of time. Bank of America has a low cost Nat'l Adoption Loan (we took that out), and as others stated you can borrow from your 401k or 403b. You can figure you have 18-24 months all together to pay your agency.

[Ebadge90]

We also used a home equity loan. And, I'm sure that everybody else will back me up, the money that we spent was THE BEST MONEY WE EVER SPENT. There will be a bottom line that you will spend, but the memories you make, and adopting a child, is priceless.

[TweetyMom04]

We already had a HELOC (Home Equity Line Of Credit) for renovation of our basement. We just extended the amount. We also have banked with the same institution for over 15 years. We got to know employees and managers over the years, which helped when it came to: 1-getting a HELOC, 2 – extending on the HELOC and 3 – Ordering and picking up ‘crisp, nearly – new’ US Dollars for the Russian Trip.

Awhile back, I'd seen on 24/7 News Channel, I don't know no one who’s used it, but looks promising Personal Loans and Online Investing | Peer-to-Peer Lending - Prosperfor loans.

A search via Google “Loans for Adoptions” brings up good hits. Another search "Fundraising Ideas" brings up more ideas.

MBNA was offering low interest, unsecured loans to adoptive parents as well as credit card. Not sure if the program is still in existence or not.

Good Luck

[Shark01]

Hate to be the bearer of bad news.....but you better budget for $50k, thats the standard these days.

You can borrow from a 401k account

Ask for airline miles donations from friends and employers

The good news is that you don't need the $50k right away, it would be spread out over a year or more

[SingleMama2B]

Hi Dina..... I adopted in 2004/2005 (court December 23rd - home after the holidays Jan. 25), and though I adopted an older child (8 years old), it was about $32K. My friend just brought home her son, 4 1/2 years old in November, and it was $37K. She, as I did, used a home equity loan, had hotel points donated by friends, and did alot of the misc. costs throughout the waiting time... i.e. (Russian gifts, clothes, etc.) Find a friend or someone that would donate their services for notarizing. I started using the bank, and after 10 pages, they wanted a fee. I found a friend of a friend and at the end, I gave her and her husband a gift card for a very nice restaurant as a thank you. If you can get your dossier done (with out a time crunch, do the min. fee (not rush fee) and will save a couple hundred $$'s. Agency's fees and schedules are different. First find one or two that are Reputable and have current accrediation, then look at the fees and schedule. Sometimes the fees include your accomodations while in-country, others do not. I choose to do it al-a-cart, and I did save money. Also, the Regions that the agency(s) work in. If you are in the Moscow Region, you will not have in-country travel expenses and multiple hotels, etc. I was in the Moscow region, and stayed at a Marriott. The Hotel didn't cost me but the taxes and whatever I put on the bill.... room service, etc. I paid by the hour for the internet. This was because I had points for the hotel. This saved me over 2K. I also did yard sales along with family and friends. I also got into selling some old stuff on Ebay. Sounds weird, but I think that my online sales took care of my I600A costs! I hosted through a summer program, so I did NOT have time to really save over a period. It was difficult, but everything happened!

I think that you must really look carefully into agency(s) and you will have a better idea. My friend had received (after requesting by phone) 6 different agency packages to review. She could really compare apples to apples in print (and not by voice) as it will become very confusing quickly.

Wishing you blessings for your Journey of the Heart!
Allison

[nhjosh]

Best of luck... we're in Russia on our second trip as I write this... just a note of warning.. I'm not entirely sure you can do it for 40K. We'll be lucky if we end up at 50K, I think it's gunna be more!

So worth it though.

[waitinginnj]

a good agency should give you a fee schedule

good luck with your decision. I adore my Tver Beauty, but the costs have gotten really high.

[Purdue]

I'm at 40K now and we haven't gone on our 2nd/3rd trips yet.

[Mommy K]

If we, as a family waited for the extra money to drop on our laps, we would be childless.
For us this was never going to happen, so we looked at ways to finance, as the other posters have mentioned.

Good Luck!

[JustBarbara]

You say both you and your husband make a good living. It sounds simple but I basically stopped spending money on myself for the two years prior to adoption - oh I was in process of course but from the moment I decided on adoption - pretty much all unnecessary spending stopped - no (okay just a few) nights out, shopping sprees gone, brownbag it. I made an Excel spreadsheet and calculated $5k more than what my agency anticipated so I would be on target. And it was not difficult - the goal to becoming a mom was worth it. And I am a single parent. Other things you also might want to think about is if you are hoping to adopt an infant or a young child who will need daycare that will cost a fair amount, if you don't plan on being a SAHM. But start serious budgeting NOW. Yes, there is a tax credit, check with your/ your husband's employer to see if they give any grants. As other posters have said, there never were that many grants or loans and now even fewer. Good luck

Oh yes, and find a friend who is notary - that will save you $$$

[kfoster]

If it is possible, you may want to consider asking a family member to help. I know a lot of people may not feel comfortable doing this. Family members could give you money or set up a loan for you to pay it back. This worked for us. Our family knew that we always wanted to have children and helping us make that happen brought them so much joy.