How to Afford Adoption
Adoption is a life-changing journey, an opportunity to grow your family. If you’ve seen the cost of adoption and aren’t sure how to pay for adoption, we’re here for you. We can connect you with adoption financing resources and options to help make your new family a reality.
In addition to helping you work through how you can afford adoption, our full-service, national adoption agency has everything you need to complete your adoption under one roof.
Reach out to us today to learn more about how we can make adoption affordable for you.
Can I Afford Adoption?
Grants and Loans
Adoption grants are a great way to help you in your quest to learn how to pay for your adoption. Adoption grants do not need to be repaid and have no financial risk.
Depending on who you are applying to for the grant, you may have to meet different requirements.
There are some local adoption grants you can apply for in Iowa like Katelyn’s Fund and Beauty Amidst the Ashes Adoption as well as national resources such as:
Adoption loans are another way that can help you when you’re figuring out how to pay for adoption. Adoption loans have the advantage over adoption grants when it comes to having immediate cash on hand.
Unlike grants, however, you must pay these back over time. Here are some adoption loan programs you can utilize:
Learn more about these options and how we help protect your adoption by filling out our form online.
The Adoption Tax Credit
The adoption tax credit gives you a reprieve from the government when you’re trying to learn how to afford your infant adoption.
The amount is dependent on your eligibility and your situation. The federal maximum amount for 2023 was $15,950 per child.
In Iowa, the adoption tax credit is currently available for individual income tax up to the first $5,000 of unreimbursed expenses related to an adoption per child placed. In Feb. 2024, the state legislature advanced a bill that would raise that amount to $20,000.
There is no limit on income earned by an individual to be eligible for this credit.
How to Pay for Adoption With American Adoptions of Iowa
No two adoptions are exactly alike because they’re determined by the decisions you make and the specifics of your situation. So when it comes to how to afford domestic adoption, there is no one right way to finance it vs. another.
One of the ways you can approach your adoption, when it comes to how you can afford adoption, is to set a budget for it. You will have a dedicated adoption specialist who will give you an estimate of your adoption costs as well as setting a maximum adoption budget.
From that point, you will be shown potential matches that fall within or below your budget based on the estimated costs. There is no requirement to choose one of these matches; it’s just one way that we will be cognizant of your budget.
Another we can help you when it comes to figuring out how to afford to adopt a baby is with our fixed agency fees. Other adoption professionals may have hidden or additional fees as the adoption process continues. The hours our staff works to complete your adoption and the total cost of your adoption do not impact our agency fees.
We know how much of an investment pursuing adoption is, both emotionally and financially. That’s where our Risk-Sharing program comes in, providing you with protection, confidence and financial security in the event of an adoption disruption.
Since its inception, it’s saved families more than $4.6 million since 2009, refunding 100% of lost fees in 98% of families’ adoptions that weren’t successful.
Get the support you deserve by using our contact form.
Disclaimer
Information available through these links is the sole property of the companies and organizations listed therein. American Adoptions provides this information as a courtesy and is in no way responsible for its content or accuracy.