I don't usually encourage families to go into debt for adoption. I think that God will provide the funds if He wants a family to adopt. However, one idea for financing adoption expenses caught my eye - interest fee adoption loans!
Interest free adoption loans could be repaid with the money received from adoption tax credit. Families can get interest free adoption loans from several organizations. After their adoption is finalized they can apply for the adoption tax credit (a little over $12,970 per child). Each year, when they receive their tax refund check, they can use that money to pay off a portion of the loan! (Most families won't receive the total amount in the first year. They can carry the remaining credit forward for up to five additional years.)
There may be other places to get interest free adoption loans but here are a few that I know about -
- The Abba Fund - Interest free loans to Christian families.
- Lifesong Legacy Fund - The Lifesong Legacy Fund offers Interest Free Loans to help Christian families overcome the high cost of adoption. For donors, the Legacy Fund is a gift that keeps on giving. As the loans are repaid, new family needs are met…creating a self-perpetuating fund. Families enter into a covenant agreement to repay the loan through manageable monthly or annual payments.
- Hebrew Free Loan - Interest free adoption loans up to $15,000 for Jewish families.