7 Tips for Financing an International Adoption
Here are a few ways that you can meet the cost of adoption without breaking the bank. The adoption resources below can help you reduce the cost of adopting a child through an international adoption agency. Each agency has specific requirements and deadlines for participating each year. The following are suggestions for sources where you can find alternative funding for your international adoption.
Home Equity Loans
A few loans exist where you can use the extra cash toward adoption expenses. The money can be used for anything related to the cost of adoption from travel to housing. In fact, home equity loans can be accessed any time you need cash, as long as there is some equity reserved in your home. This is great way to cut the cost of adopting internationally.
Grant Assistance
There are many grants available through charitable organizations specifically reserved for adoptions. A lot of grants are given out through religious church organizations and foundations. Go online to discover the adoption resources and information available for adopting a child through an international adoption agency. Do a simple search of agencies near you to find out what type of adoption cases they handle. But don’t worry if they don’t handle international adoptions. Often the agency that you work with can lead you straight to other resources on adoption grants that you might not be aware of.
Employment
If you happen to work for a national retail store of any kind, national or global chain store, or dealer they can provide you information about what kind of benefits might be in place through the workplace, if you are adopting a child through an international adoption agency. This is often rare to find, but if you never ask, you will never know. Most likely a human resources representative at your place of employment can assist you with filing the paperwork necessary, and also educate you on what monies are available.
State Assistance
There many states in the US that will provide financial assistance to families that want to adopt a child. Call or write your cabinet for children and families, they can send literature on what is available in your state. You can also check with your local department of social services. Often, Social Services hold free adoption classes and networking for people looking to adopt or to become foster parents.
US Military Assistance
The military will provide cash assistance for any family that is adopting a child through an international adoption agency as long as it’s a non profit entity. Of course there are restrictions, but most people have no problem adhering to the United States guidelines for adopting a child outside of the country.
Local Charities, Churches and Civic Groups
Resources in your local community can help you manage the financial cost of adoption too. Numerous organizations exist that are waiting to provide information on adoption resources, or are ready to provide financial assistance for the adopting family. Usually organizations that support the growth and development of children may have some type of grant or monies they can offer to persons looking to adopt.
Partnership Loans
An international adoption agency can point you to loans that are available through several organizations. National establishments coupled with financial institutions offer unsecured loans and sometimes grants. You might not have to put your house or other property up as collateral for a loan, but the restrictions and interest rates may be higher than a typical loan.
As you can see, there are many ways to fund an adoption through an international adoption agency. You might not have to re-mortgage your home and risk loosing everything. Evaluate your financial situation carefully to see if you can realistically handle the burden, with or without a two income cash flow. Consider that once you get your baby home, there will be other life long needs for your adopted child – and possibly unknown needs such as serious medical issues. The benefits are meant to lighten the strain, and let you enjoy your time with your new son or daughter, so use them.
