What Are International Adoption Assistance Programs?
Let's face it: Having a child is expensive. The biggest difference between maternity expenses and adoption expenses is that you can get insurance that covers the biological method of having a child. Adoption requires more out-of-pocket expenses, including agency fees, travel and hotel expenses, and in some cases, a required donation to an orphanage. The good news its that there are several ways to cover adoption expenses. International adoption assistance programs are programs that are designed to help with the expenses incurred in adoption.
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Government
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The U.S. government can help in several ways. Most families who adopt, domestic or foreign, can receive a federal tax credit. For 2009, the maximum credit was $12,150. The 2009 credit is phased out for adjusted gross incomes beginning at $182,180 and capped at $222,180. There are specific rules as to when the tax credit can be taken, but leftover credits roll over for up to the next five years. The federal tax credit is due to expire at the end of 2010, unless extended or changed by Congress.
Some states have federal funds available to reimburse adoption fees, including international adoptions for children with minor medical conditions. Check with a local social services agency for more information. The military has a little-known program that allows active-duty families to receive a one time subsidy of $2,000 per child or $5,000 for siblings. Check your branch of the military for details.
Corporate
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Employers offer paid and unpaid leave for employees who adopt. Additionally, more than 200 corporations have established programs to assist employees who are adopting by offering matching funds for the adoption equal or proportional to those raised by the adopting family. If your company doesn't have an adoption assistance program in place and you would like advice on how to ask them for assistance, call the National Adoption Center at (800) 862-3678 and ask for their materials on Adoption and the Workplace.
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Loans and Grants
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Several organizations offer loans or grants. The National Adoption Foundation Gold Option Program provides grants and loans from $5,000 to $25,000 with no collateral. For more information, call MBNA America at (800) 626-2760. The National Adoption Foundation also provides assistance to families applying for loans and grants to fund the adoption expenses. The Hebrew Free Loan Association, (415) 546-9902, offers interest-free loans for Jewish adults who wish to adopt internationally or domestically. The repayment period is five years.
A Child Waits
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A Child Waits is a philanthropic organization whose goal is to unite as many forever families and children as possible and believes finances shouldn't stand in the way of building a family. The organization offers grants for older and special needs children in international orphanages as well as well as $10,000 low-interest loans for families, depending on financial need. This program provides financial assistance for international, but not domestic, adoptions.
Other Options
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There are many more adoption assistance programs available, each with its own qualifications and criteria. These include loan processing companies, banks and home equity programs designed specifically for those adopting, whether domestic or international. Programs vary in interest rates and amounts available. Some are faith-based. With a little research, every family should be able to find at least some assistance.
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