Posted on: 28 July 2017
Adopting a baby or child is a beautiful way to expand your family and provide a loving home to a child. Unfortunately, adoption can also be prohibitively expensive, even for families and couples who are financially secure enough to support their new child. In fact, most adoptions cost around $40,000, and even if you are lucky enough to have that much in savings it may not make financial sense to spend it all at once. Here are a few ideas for financing an adoption so that you can proceed with growing your family without going broke:
Take Out a Personal Consumer Loan
Taking out a personal loan to finance the adoption makes a lot of sense for many adoptive parents. The loan will allow you to pay for the entire adoption at once, while only making manageable payments to your loan company. It's a good idea to shop around a bit and choose a personal consumer loan with a low interest rate so that you don't end up paying much more than the cost of adoption in the long run. If you have a lot of savings, it may be a good idea to pay for the adoption partially from savings and partially with a loan as the best of both worlds.
You may be surprised by how many of your friends and family would love to help fund your dream of adopting a child. The beauty of crowd funding is that it isn't a huge financial burden on anyone, since the idea is that many small donations can add up to the amount you need for your adoption, or perhaps as a supplement for a personal loan. One great option is to choose an adoption-specific crowd funding site like Adopt Together, which even allows your donors to receive a tax write-off.
While rare, some adoption agencies offer grants for adoptive parents who meet their criteria. There is typically a lengthy application process and the grants are very competitive, but if you do win a grant it will help pay for the adoption and you won't have to pay the funds back as long as the adoption is finalized.
Whichever option you choose, it's always a good idea to sit down with your personal banker, a loan officer, or a financial planner to discuss your options for funding your adoption and determining the wisest course of action. Companies like MainSource Bank are a great resource for this.Share