Domestic Adoption Grants
The cost of adoption can vary widely. If you are adopting a step-child or a relative (kinship adoption), it can be done for around $2,000. Adopting through the foster care system is usually the least expensive way to adopt because of available subsidies offered to parents. Private agency and private individual adoptions can be as high as $35,000. However, many agencies and foundations offer financial assistance in the way of grants, loans and credit.
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Government Grants
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The Federal Title IV-E adoption assistance program makes money available when adopting children with special needs. Each state has different programs in place so check with the Health and Human Services division of your state government.
Private Grants
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Many foundations make grants available to help defray the costs of adoption. Each foundation has its own set or requirements to qualify for a grant. Some requirements may be as simple as providing a tax return to prove your financial need while others may require the adoptive parents to be of a certain religious persuasion or to adopt a child from a certain country.
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Competition
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Keep in mind that there is only a certain amount of money to be granted, even from private foundations. There are many applicants for each grant so just because you meet the requirements and are eligible, that does not mean you will be chosen for the grant.
Getting the Grant
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The best way to persuade the foundation that you are the best applicant is to prove that you are serious about being parents to an adopted child. Have your homestudy finished and ready to present along with necessary legal documents.
Adoption Tax Credit
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The IRS allows for a tax credit for certain expenses incurred in the process of adopting an eligible child.
Other Options
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Grants are the most desirable kind of financial assistance since they do not have to be repaid but a grant will rarely pay all the costs of an adoption. Other options like low interest loans made especially for adoption should also be considered.
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