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We realize that adoption fees can be overwhelming, but the good news is that there are several options to help you finance your adoption expenses. Don’t let the fees discourage you from proceeding. Your decision to go forward should be a personal one...and one that is made after much prayer. The Lord is more than able to provide the finances for your adoption according to His will.
Options to Explore
- Federal Tax Credit A tax credit of up to $11,360 is available on federal income tax for couples making up to $170,820 a year. (A tax credit is a reduction of actual taxes owed, so the government is actually reimbursing families up to $11,360 for finalized adoption expenses.) Please contact your tax accountant about the specifics of this benefit, and visit the IRS website - http://www.irs.gov/taxtopics/tc607.html
- Bethany’s Family First Loan Bethany offers this excellent loan program to bridge the gap between the time you need funds to complete the adoption process and the time you receive your Federal Tax credit for adoption expenses. more information (this link will take you Bethany's national website).
- Employer Many companies today offer assistance with adoption expenses as a benefit to their employees. We suggest that you check with your employer to inquire if there is such a benefit plan to cover your adoption expenses. If not, ask if they would consider assisting you.
- Bank or Credit Card Check with your financial institution or credit card company you do business with about the possibility of financing your adoption expenses through a Home Equity Loan or other available low-interest financing. Some banks are offering low interest adoption loans. We accept payments on VISA, MasterCard, American Express, and Discover.
- Military Subsidies If you are an active duty member of the Armed Forces of the United States, you may be eligible for a military subsidy. Check with your base commander for more information
- Adoption Grants Ministries such as Shaohannah’s Hope and God’s Grace Adoption Ministry Inc. provides financial aid to adoptive families.
- Family and Friends Grandparents-to-be may welcome the opportunity to assist you. A short but warm letter to family and friends explaining your adoption endeavors may generate assistance that you did not realize was there.
- Church Your church community may be delighted to be involved and there may be assistance available for you.
- National Adoption Foundation for loan information see www.nfadopt.org
For further ideas, visit Bethany's Financing Adoption on our national web site. You can also order the booklet “How to Make Adoption an Affordable Option” from the National Endowment for Financial Education.
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