Adoption Resources : Thinking about Adopting?

Financing Your Adoption

Have you decided you want to adopt, but have no idea where you will get the funding to complete your adoption?

If so, you are not alone.

The cost of an average private or agency adoption can range from $12,000 to $25,000 or much more, depending on the adoption situation, your state of residence, and other factors.

NCFA believes that all loving families should be able to open their arms to children in need, and we are happy to provide assistance and information on getting past the financial hurdles that may stand in your way of adopting.

The good news is that a new program from the National Council For Adoption and Bank of America may provide just the assistance your growing family needs. NCFA's Adoption Line of Credit is a reliable, renewable source of funds that offers:

• Unsecured lines up to $25,000.*
• Initial repayment terms ranging from 24 to 84 months, depending on the amount borrowed.
• Predictable, affordable monthly payments.
• No annual fees.

Call Bank of America to apply over the phone:

The toll-free number is 1-888-628-7700  (**Reference priority code LODK)
(TDD users please call 1-800-833-6262).
Monday-Friday from 8 a.m. to Midnight (ET)
Saturday 8 a.m. to 5 p.m.
Sunday 9 a.m. to 5 p.m.
or
Click here to find out more and apply for this program.

Upon approval, FIA Card Services will establish your credit line based on creditworthiness. Your actual credit line could be lower than $25,000.

Federal Tax Credit of $10,390

The Federal government allows families who have completed their adoptions to take a $10,390 tax credit.You can receive free information from the IRS entitled "Tax Benefits for Adoption" (Publication 968) by clicking here. Or call 1-800-TAX-FORM and the IRS will send you a copy.

Employer Reimbursements

Approximately one-quarter of employers are now offering a range of benefits for their employees who choose adoption. Not only are employees eligible for some sort of paid leave, but many are finding that their employers are offering reimbursement to help defray some of the adoption expenses themselves. Your employer may also offer an Employee Assistance Program, or an EAP. This is designed to help workers deal with dramatic situations in their personal lives. You may find that speaking with an EAP counselor can aid the ups and downs of an adoption experience. To learn what your employer offers, contact your human resources department.

Contact NCFA with any questions:

Phone: (703) 299-6633
Fax: (703) 299-6004
Email: ncfa@adoptioncouncil.org