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financing your adoption?

Forum: Adoption


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October 22nd, 2009, 04:28 PM
*CAMM*'s Avatar Platinum Supermommy
Join Date: Jan 2007
Location: somewhere over the rainbow
Posts: 7,986
This is a big question for hubby and I. I am lucky enough that my employer will reimburse me up to 5k towards adoption expenses..but what about the rest. It will take forever and a day to save it as we are still paying off our past Ivf cycles.

In some of our adoption packets it gives info about the National Council for Adoption and the loans that they offer. They will finance up to 25k w/loan repayment in 24-84 months.

One also listed a line of credit through Capitol One.

Has anyone used these or other lines of credit?

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October 23rd, 2009, 12:16 PM
SarahBethsMommy's Avatar Mega Super Mommy
Join Date: Nov 2007
Posts: 4,847
We are going to adopt through foster care, so we have enough saved to cover those minimal costs of the court fees and such. Those will get reimbursed to us once it is done.

I've heard of folks getting the money in a million different ways. I hope you can find which way is best for you!

Thank you to AlexAiden Mommy for my beautiful siggie!
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October 24th, 2009, 06:31 AM
mswordwiz's Avatar Mega Super Mommy
Join Date: Jul 2008
Location: ATL
Posts: 1,902
One word of advice with employer reimbursements for adoptions. It may cut down on the adoption credit from the IRS depending on how your employers plan is structured.

We did not finance any of the 6 adoptions. We had enough in our nest egg to cover everything out of pocket. All of my kiddos are adopted. 2 were from DFACS (child services), 2 were a private adoption, and 2 were from a faith based agency. None were over 20K. The private adoption was the most expensive for us dealing with attorneys in 2 states, plus the home state of the mom had confinement pay in their law.

Have you looked at foster to adopt option, or from another agency? It is a heck of a lot cheaper, and some states even pay for the adoption process.

I guess it would depend on how much debt your willing to shoulder and I would speak to a financial planner on the best way to either save up or spread the debt out so your not putting your family at risk if something happens to the income.

Capital One I swear will finance just about anything. I saw their brochure in my daughters plastic/reconstructive surgeons office for loans as low as 15.99 % for facelift. At hubbys endontist, it was from 13.99%...
And now there are 6....
Traci 14
Leigh 9
Brandon 6
Suzanne (1-18-2009)
Kyle & Luke (1-22-2009)

"Anyone engaging in illegal financial transactions will be caught and persecuted." --George W. Bush, Washington, D.C., Sept. 19, 2008

Another day, another 72% for the same work, different pay......
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October 24th, 2009, 10:18 PM
*CAMM*'s Avatar Platinum Supermommy
Join Date: Jan 2007
Location: somewhere over the rainbow
Posts: 7,986
We have looked into foster adopt, we finished our Mapp classes last year before I found out i was pregnant. We just need a walk thru and finger prints ect to get our license.

Right now we are just trying to get as much info on different options and ways to adopt so we can sit down and go through the pros and cons.

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