Covering The Cost Of Adoption
If you decide to adopt a child, there are numerous challenges you will face. Some of these include the emotional turmoil that comes from determining if you are ready to be a parent or if your family is prepared for another child. But one of the most significant challenges is paying for the costs associated with the adoption. What are these costs, and what are the best ways to cover these expenses? Here are a few suggestions.
What Are The Cost of Adoption?
The costs associated with adoption fully depend on which adoption agency you choose to adopt from. These costs can vary from free to more than $50,000.
Foster Care Adoptions
For example, if you choose to adopt from a foster care agency, there is often little or no cost involved. If there is a cost, the state usually pays it. Suppose you incur out-of-pocket expenses such as fingerprinting, a home study, or a background check. In that case, there are typically state and federal funds to reimburse you after the court finalizes the adoption.
Domestic Adoptions
If you choose to adopt a child in the United States using a domestic adoption agency, the cost may be between $20,000 and $45,000. These costs include some of the following:
- Legal and court fees
- Home study and fingerprinting
- Birth mother's medical expenses
- Birth mother's living expenses
- Travel and lodging expenses
Discussing the required fees with the adoption agency you choose upfront is vital to ensure you are prepared to cover the costs.
International Adoptions
International adoptions can run from $20,000 - $50,000, depending on which country you adopt from. In addition to the above fees, you must budget for multiple out-of-country trips, visas, and other legalities required in the adoptive country.
How Can You Pay Your Adoption Expenses?
If adoption has always been your dream, you may have already established an adoption fund to help you pay these expenses. As a part of your home study, most adoption agencies will perform a credit check to ensure you can afford to raise the child in your home. Seeing your preparation for the projected expenses will be in your favor.
Loans
You may consider taking out a loan if you do not have adequate savings. Some lending institutions may have low-interest loans geared for such expenses, while others may offer personal or signature loans.
Crowd Funding
If your friends and family know that adoption is your dream, they may be willing to help fund it. Consider a crowdfunding campaign to help raise some of your adoption expenses. You may be surprised by the support you receive.
Adoption Grants
There are numerous adoption grant programs you can apply for. You will not have to pay it back if you receive an adoption grant. Just be aware the competition for this money is stiff, and you still may receive less than you need.
To learn more, contact an adoption agency in your area.
