Financial Aid

Federal Adoption Tax Credit: This  tax credit is a dollar for dollar reduction in your overall tax liability.  The Adoption Tax Credit is a permanent part of the tax law and increases each year.  This credit allows adoptive families to recoup some of their adoption expenses once the adoption is finalized and with qualified adoption expenses.  To learn more about the credit go to:  Adoption Tax Credit or go to Save the Adoption Tax Credit. The 2024 tax credit is $16,810.

State Adoption Tax Credit: Classified state employees are entitled to a State Adoption Employee Benefit allowing them to receive up to $3,000 per adoption.

Employer Adoption Assistance Benefit: Many employers have adoption expense programs available. Ask your employer about this benefit. A partial list can be found at https://www.davethomasfoundation.org/library/2019-100-best-adoption-friendly-workplaces-list/

A Child Waits: A non-profit foundation offering 5 year low interest loans to families adopting internationally. One child loan amount $7,000, two children $10,000. www.achildwaits.org

Secure Act: The Secure Act established a new type of penalty-free withdrawal (a waiver from a 10% tax) from an IRA or defined contribution plan for adoption expenses up to $5,000 per child

National Adoption Foundation: A revolving loan financing program is available for adoptive families. Call 203-791-3811 for an application. –https://www.fundyouradoption.org

Home Equity Loan

MBNA: Gold Option Loans available for adoption. They are unsecured for up to $25,000. Call 1-888-500-6268

Nations Bank: Low interest loans for adoption 1-800-448-7061

First Union (D.C.): Low interest loans for adoption 1-888-314-5437

401K: Borrow against your 401K.

Wide Smile: (www.widesmiles2.org)

Gift Money: Often family members will give loved ones adopting personal loans or a monetary gift to assist with adoption costs.

Shaohanna’s Hope: www.showhope.org grants to assist adoptive families

The ABBA Fund: www.abbafund.org No interest loans to Christian couples who are called by God to expand their family through adoption.

China Care: www.chinacare.org Grants to American families adoption special needs or older children from China

The Gift of Adoption Fund: Gift of Adoption is the largest provider of adoption assistance grants awarded without regard to race, religion, age, marital status, gender, or sexual orientation. Grants of up to $15,000 are awarded to qualified applicants to remove financial barriers and make possible the adoptions of children in vulnerable circumstances in the U.S. and around the world. Gift of Adoption provides grants to complete domestic and international adoptions and relative/kinship adoptions. There is no application deadline. Visit https://giftofadoption.org/apply-for-a-grant/ for complete information.

Dave Thomas Foundation: www.davethomasfoundation.org

Military families: may receive up to $2,000 in financial assistance from the US Armed Forces.

Lifesong for Orphans: Offers matching grants and interest free loans www.lifesongfororphans.org/adGrantLoans.html

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