This is an honest post for those that may be considering adoption and how they might pay for said adoption.
When I first started doing the research, all I kept reading was stuff like “If you dont have the money, dont let that discourage you! There are plenty of resources out there. Scholarships and grants, low interest loans, and you get 10 grand back from the government on your taxes.” Sounds good to me. It was very encouraging (and I read stuff like that in more than one place. Including on our agency’s website). So, with that information, we forged ahead.
And here I am now, having done the real research on ways to pay for this. We’re saving as much as we can afford and still pay the bills. But we’ve already paid (and by paid, I mean mostly charged) $15,000 (and we dont even have our baby yet). Steve’s job will reimburse us up to $5,000 - which is awesome. But other than that. I’ve got nothing.
Okay, well, not true. I have 5 grants to apply for. Unfortunately, you cant send in the applications till your homestudy is complete, so I’ve just begun that process. (As a side - my favorite part about these grants is that they all require application fees. Some up to $50. I’m applying because I have no money. And yet I’m going to send you $50, with the chance that I might not get your grant? That makes no sense).
So, I started looking at loans. Several websites list some banks that have “adoption” loans. Which sounded promising. You’d think those loans would be set up with the thoughtfulness towards how financially straining it can be to start a family. But, after calling them all… turns out they’re all just regular personal loans, with rates averaging 14% - 18%. Not the best idea.
As for the Adoption Tax Credit provided by our loving government, well, it took me forever to understand it. From what I was reading, it sounded like come tax returns, I’d get a check for 10 grand. So, if I did get a loan of some sort, at least I’d have the promise of paying it back. But thats not the case. I still barely understand how it works, but you get a credit for 10 grand. Which means if we owed any taxes for anything, that money would cancel it out. But it is now my understanding that they wont be cutting us a check for the difference. It still confuses the hell out of me, though.
I think our next option would be for Steve to fake his own death so we can cash in his life insurance policy. Kidding.
In the end, I still have confidence that God will provide the means for the path he’s set before us. But I’m smart enough to know that doesnt mean I’ll be sitting on my ass waiting for 30G’s to fall in my lap. I’ve got work to do.
With that said, if any of you know someone who knows someone rich, lemme know. Steve and I agreed long ago that should an Indecent Proposal arise, I can take it.