The cost of adoption (even when you consider the tax credit) is outrageous. What mainly angers me is that with most places there is a “flat” cost of adoption, and then another $10-30,000 added on top of it as a ‘sliding scale’ based on income. This is just taking people’s money because they have it? Well I have news for them, we don’t have it, despite what our pay-stubs say. In fact, we don’t have any of it. I am so discouraged right now about the financing of adoption that I can’t see straight.
One huge point to make is that you can only get the tax credit after the adoption is FINAL. It will not be there to help you FUND the adoption.
Everything you read will tell you there are so many sources of funding. This is not true. There are SOME sources, but if they are not available to YOU, they are no help.
For example: everything I’ve read mentions an employer adoption benefits program with reimbursement of up to $5000. Just like the books say, I asked my employer if they had adoption benefits. They do not. I asked if they’d be willing to consider adoption benfefits, and linked them to materials from the Dave Thomas Foundation about how to start adoption benefits - they were not interested in the least.
Another example: everything I’ve read mentions getting help from your faith community if you have one. I approached my church. Do you have an adoption ministry/missions? They checked and the answer was no, they don’t and never have. The minister to missions did not indicate any interest in starting one, even though I know her personally. So that’s another dead end.
Then you will read about grants/scholarships. These do exist, I’m not saying they don’t. But the problem you run into is two fold.
1) Almost every single one of these will not allow you to apply until after a home study has been completed. What that means is that you will have to sink $1500 minimum out of pocket into this process before you can even apply for financial assistance.
2) The majority of these organizations I’ve read about offer a gift of just a couple thousand dollars. When you’re facing $25,000 minimum, that does not put you in reach of affording adoption.
Garage sales are great but once again, the $500 you rake in won’t even cover a home study.
Foster adoption is a true low cost option, but here in Texas, all foster kids are average 8 yrs old and up, all have been removed from their homes for abuse or neglect, and if it matters to you, all are African American with the exception of large sibling groups of other ethnicities. In other words, not an option for a family wanting to adopt a baby or anything close to that.
What I would love to hear is how someone REALLY paid for their adoption. My husband and I do not have savings besides our 401Ks which add up to less than $10000. Not only would we be subject to heavy fines and taxes if we withdrew that money, we would also have no retirement. We are not independently wealthy and we make less than $100K put together. Neither of our jobs is going to give us adoption benefits. Our church is not going to give us any assistance. Our parents are not in a position to give us any money.
I am at a desperate loss for how to make this happen. I have read books, researched, we know this is what we want…but there is no money.
I would love some advice or stories of real-world experience. Thanks in advance…