Financing your adoption

bankAdoption can be expensive. If you're looking for ways to cover the costs, consider the following:

Employer-Provided Benefits
Many companies offer their employees adoption assistance -- some up to as much as $10,000.

Payment Plans
Many agencies have payment plans. You can make installments payments monthly, quarterly or by other arrangement. Check with your agency for creative ways to make payments.

Adoption Tax Credit
The new, and soon to end, tax credit for adopting is $5,000 per child. The adoption tax credit ends on December 31, 2001.

Banks/Foundations
Check with your local bank branch to see what they can offer you. Some agencies have a list of financial lenders who make adoption loans at lower than usual rates.

Here are two sources for loans to adoptive families:

National Adoption Foundation, 100 Mill Plain Road, Danbury, CT 06811

and

First Union Bank National Bank of Maryland Adoption Loan Program, Rockville, MD (301) 294-6862 (888) 314-KIDS (5437) Fax: (301) 294-6353

Jewish families who can demonstrate financial need may be eligible to borrow as much as $10,000 -- interest free -- by contacting the Domoi Foundation or the Hebrew Free Loan Association. The repayment schedule for up to $5,000 is over a three-year period; $5,001 to $10,000 is over a five-year period.

Family Loans
Hey, this is the kind of request rich Uncle Bob, who became a zillionaire last year thanks to tech stocks, would love! Contact Mom, Dad, brother, sister, grandparents, any person who may have a little extra cash lying around to help you. This is not the time to be proud. It's not about you. It's providing a child with a forever family!

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