Finances

ryansmommy · #1 (**permalink**) 03-29-2007, 09:47 AM

Hi everyone, I was wondering if i could ask a personal question??? How is everyone paying for their adoptions? Grants, loans, family??? I'm not sure what we are doing yet but I wanted to get some ideas!!

MHG · #2 (**permalink**) 03-29-2007, 10:40 AM

We are fortunate to be able to pay for it but between the MANY IVFs w/ no insurace & adoption it is taking a very big toll on us!!!! I know that there are some financial assistance programs & some sort of tax refund if you qualify but I don't know anything more than that. Hoping someone else can point you in the right direction. Good luck!

Ann K · #3 (**permalink**) 03-29-2007, 10:49 AM

There was another thread about this not too long ago so you might want to check some of the back pages.

ryansmommy · #4 (**permalink**) 03-29-2007, 01:47 PM

Thank you!!

mildlydelirious · #5 (**permalink**) 03-29-2007, 05:38 PM

Boy, can I relate to the issues of finances. DH and I have done 11 transfers for IVF. We could have bought another home with what we've spent. One of the reasons we decided to go through the state adoption was the costs. But, of course, that was not the main reason. But, it is a nice plus.

There are definitely agencies that have sliding-scale fees but you'll have to do your research. Plus, all kinds of different adoptions have different price ranges. KWIM? The tax bonus can be very helpful. You can apply for every grant that you come across. Sometimes employers have some incentives, check it out. Sometimes religious organizations can be a little cheaper?! Or the other way around, so you have to check it out in your hometown.

I've heard of a lot of people getting some help with finances from Grandma and Grandpa. I don't know what your relationship is with your parents but they can sometimes be awfully happy to help finance their next grandchild.

I haven't taken out a loan to help me yet, but I would consider taking a second on my house if I had to.

But if cost is a big factor and you are not afraid of a child that may or may not have a couple of issues (like being a different race or having some in-utero drug and/or alcohol exposure) you can adopt through your state for exactly $0. You can't beat the deal. And I know that in my state there are over 10,000 kids waiting in foster care waiting to be adopted.

Let us know what you find out through your research!

~m

ryansmommy · #6 (**permalink**) 03-29-2007, 06:34 PM

Originally Posted by mildlydelirious

Boy, can I relate to the issues of finances. DH and I have done 11 transfers for IVF. We could have bought another home with what we've spent. One of the reasons we decided to go through the state adoption was the costs. But, of course, that was not the main reason. But, it is a nice plus.

There are definitely agencies that have sliding-scale fees but you'll have to do your research. Plus, all kinds of different adoptions have different price ranges. KWIM? The tax bonus can be very helpful. You can apply for every grant that you come across. Sometimes employers have some incentives, check it out. Sometimes religious organizations can be a little cheaper?! Or the other way around, so you have to check it out in your hometown.

I've heard of a lot of people getting some help with finances from Grandma and Grandpa. I don't know what your relationship is with your parents but they can sometimes be awfully happy to help finance their next grandchild.

I haven't taken out a loan to help me yet, but I would consider taking a second on my house if I had to.

But if cost is a big factor and you are not afraid of a child that may or may not have a couple of issues (like being a different race or having some in-utero drug and/or alcohol exposure) you can adopt through your state for exactly $0. You can't beat the deal. And I know that in my state there are over 10,000 kids waiting in foster care waiting to be adopted.

Let us know what you find out through your research!

~m

I think we are pretty much set on domestic adoption. I'm sure we'll figure out the finances when the time comes. My husbands employer does reimburse us $5000 so that helps.

Thank you for your response!!

amberl10 · #7 (**permalink**) 03-29-2007, 07:02 PM

We are doing domestic and our agency quoted us 20,000.00 but if we have to update the homestudy after it expires in a year then that's another 500.00. We've already paid about 6,500.00. We have paid out of our pocket so far and we will more than likely have to pay out of pocket for the rest. We applied for a grant through Shaohannah's Hope but we don't think we'll get it. We will find out for sure next month. The tax deduction is what is going to really help us since we have to pay so much in taxes due to my husband being self-employed (farming). Good luck!!!

mildlydelirious · #8 (**permalink**) 03-29-2007, 09:13 PM

$5000 is a good chunk of change toward your goal!

That and with the tax benefits you will have most of it covered.

~m

ryansmommy · #9 (**permalink**) 03-30-2007, 04:14 AM

Originally Posted by mildlydelirious

$5000 is a good chunk of change toward your goal!

That and with the tax benefits you will have most of it covered.

~m

Exactly!!!

theluvof2moms · #10 (**permalink**) 03-30-2007, 04:57 AM

Jen- That is great that your DH's company gives the 5,000 credit!!

We tried to get L's company to do that and they said, "no" but if anyone is interested the Dave Thomas Foundation will send you all this information to present to your employer to try and get them to take on the adoption credit program. It is worth a try.

So far we have been able to pay for all our fees out of pocket because it has been spaced out that we are able to save up some savings and then pay and then start saving again.

I also know that there are alot of banks that have adoption loans and sometimes you can get really low to no interest rate loans.

I have seen were other people start selling things on ebay or they have a little fundraiser to help with the adoption fees. Some people start blogging and then set up a pay pal account and people who read the blog will make small donations towards the adoption. My friends refinacied there house for the second adoption. So there are lots of options just have to find the perfect fit for you.

If you come across any good resources on financing adoption let us know and sticky it to the useful resources thread.
I know I did a little research on this also so I'll look and see if I can find that info and post it here.

ryansmommy · #11 (**permalink**) 03-30-2007, 06:18 AM

Originally Posted by theluvof2moms

Jen- That is great that your DH's company gives the 5,000 credit!!

We tried to get L's company to do that and they said, "no" but if anyone is interested the Dave Thomas Foundation will send you all this information to present to your employer to try and get them to take on the adoption credit program. It is worth a try.

So far we have been able to pay for all our fees out of pocket because it has been spaced out that we are able to save up some savings and then pay and then start saving again.

I also know that there are alot of banks that have adoption loans and sometimes you can get really low to no interest rate loans.

I have seen were other people start selling things on ebay or they have a little fundraiser to help with the adoption fees. Some people start blogging and then set up a pay pal account and people who read the blog will make small donations towards the adoption. My friends refinacied there house for the second adoption. So there are lots of options just have to find the perfect fit for you.

If you come across any good resources on financing adoption let us know and sticky it to the useful resources thread.
I know I did a little research on this also so I'll look and see if I can find that info and post it here.

Thanks - I was totally suprised when he told me they did reimbursment!!

llamamama02 · #12 (**permalink**) 04-04-2007, 01:50 PM

My parents were generous enough to pay for our IVF cycle and so when we told them that we were adopting they offered to give us money for that as well but we feel we need to handle the adoption fees on our own. We have money in savings and thankfully we won't need to worry about that. I am hoping that my parents will travel with us to get our child when that times comes!

nicoleb · #13 (**permalink**) 04-04-2007, 04:54 PM

We are just paying for it as we go. We had $15,000 saved up already, so we have about 1/2 of what we need. My husband owns his own business so we can take from that also if need be.
We have alot of equity in our house, so we may rely on that if need be. Just depends how fast the money is needed. We thought we had another year, but I guess not now.
We still have $6000 in medical bills from my losses to pay off, but we are going to take our sweet time doing that as it is interest free (plus, we feel a little used for research by our medical facility here.) But anyhow, I know that it looks like a lot of money now, but it will all be worth it in the end.

Hugs,
Nicole

ryansmommy · #14 (**permalink**) 04-04-2007, 06:40 PM

We got a low interest credit card through MBNA! We get reimbursed $5000 from my husbands company so as we pay, we get receipts and submit for reimbursment. So that helps a little. We'll see what happens!!!

mildlydelirious · #15 (**permalink**) 04-04-2007, 10:12 PM

Great!

~m