Financing, Loans & Grants | Adoption Support Center (Indianapolis, IN)

Not sure how to finance your adoption? You are not alone. Fortunately, there are many ways to cover your adoption expenses, including tax credits, low-interest loans, adoption grants, and more.

At Adoption Support Center, our philosophy is “You will get the child you are meant to raise.” Our agency staff will work closely with you to explore all of your financing options.

Federal Tax Credit for Adoption
Financing
ASC Angels College Scholarship Fund
Prosper Adoption Loans
Adoption Grants & Interest-Free Loans

Federal Tax Credit for Adoption

The Federal Tax Credit for Adoption is explained in IRS publication 968. Here is a quick summary...

The tax credit has been extended through 12/31/2012.
The maximum tax credit for 2011 is $13,170.
Those with a combined gross income under $182,520 qualify for the full credit. Between $182,520 and $222,520, it gradually depletes itself until those who reach $222,520 will no longer qualify.
Affects all children at finalization.
Expects the adoption of a child who is not a citizen or resident of the US to be finalized to be eligible for the adoption tax credit.
Adoption expenses must be documented with receipts.
It is now refundable. If a family has no tax liability, the IRS will refund the amount due.
The tax credit is per child, not per placement (i.e. as in the case of a sibling group of two children.)
Eliminates any requirement for families who adopt special needs children to show actual expenses (effective after 12-31-02.) There is no offset to the federal tax credit for state special-needs adoption reimbursements.
A family can apply the credit against their tax liability for five years or until the family has reached the maximum cap, whichever happens first.

For more questions, call the IRS at 1-800-829-1040 or go to http://www.irs.gov/taxtopics/tc607.html

Financing

MasterCard, Visa, and Discover

ASC accepts these credit cards. Home studies, post-adoption follow-ups, and activation fees may all be paid by credit card. We prefer to not accept credit card payments for the larger advertising and placement fees, but will do so if necessary.

Many banks, both online and in your own neighborhood, may also approve adoption loans.

ASC Angels College Scholarship Fund

Several years ago, we established the ASC Angels College Scholarship Fund. As an adoptive family, you can refer a couple who adopts a full African American child to Plan 3 and we start a CollegeChoice 529 Scholarship Fund for your child with our $500 initial investment. Every time you refer a future full African American family to Plan 3, we add another $500 to your child's fund.

Prosper Adoption Loans

Prosper specializes in peer-to-peer lending, a popular alternative to traditional loans and investing options. They cut out the middleman to connect people who need money with those who have money to invest.

Through Prosper, you can apply for unsecured loans for adoption expenses up to $25,000. You'll find that many of their lenders actively seek worthy causes, like funding loans for adoption. Their lenders look at more than just numbers. Although a good credit score helps, you'll also be able to tell your story about why you're applying for an unsecured loan for adoption. This is just a small part of how they differ from other lenders.

Visit Prosper.com and find out more on how to join Prosper and learn more about how Prosper works.

Adoption Grants & Interest-Free Loans *

A Child Waits www.achildwaits.org

A Child Waits offers low-interest loans for international adoptions in amounts up to $10,000 per child. The organization lends to families who can financially support a child and repay the loan, but who do not have the funds on-hand to adopt.

A Home for Every Child Foundation www.ahomeforeverychild.org

It is the Foundation's desire to see every child on the planet in a warm and loving family. To provide adopting families with material and help them through the adoption process and offer financial support if required.

AVA's Hope www.avashope.org

A non-profit funding international adoption, AVA's Hope was founded in 2005 to fund the adoption of international orphans who otherwise have no hope for the love, care or future that a permanent family provides.

Cadman Foundation www.cadmanfoundation.org

A 501(c)(3) organization, the foundation was created to help defray the cost of international adoption through grants and fund-raising opportunities. Applicants must have a completed and approved home study by a qualified agency or professional licensed in the state in which they reside before they can apply for a grant.

Child of the King Fund www.childofthekingfund.org

A non-profit organization that is dedicated to empowering the body of Christ to care for orphans by breaking down financial barriers and promoting the true meaning of adoption for people throughout our community and our nation.

The Fatherless Foundation www.thefatherlessfoundation.org

A 501(C) 3, Not-for-profit organization seeking to assist abandoned and orphaned children worldwide. The foundation raises funds to financially assist foster children and foster families, orphanages, orphans and adoptive parents seeking to open their homes and hearts to orphaned children.

God's Grace Adoption Ministry www.ggam.org

God's Grace Ministry seeks to help Christian families overcome the financial burden of adopting children in the form of adoption grants or assistance in adoption fundraising.

Helping Kids Cope www.helpingkidscope.com/request-help.htm

Helping Kids Cope assists home study-approved families in defraying adoption costs through grants.

Help Us Adopt www.helpusadopt.org

Helpusadopt.org is a national non-profit financial assistance grant program providing qualified couples and individuals with grants of up to $15,000 towards their domestic, international, foster, or special needs adoption expenses.

Home for Good Foundation www.hfgf.org

Offers resources, grants, loans and matching funds, focusing on adoption of older children, children with special needs and sibling groups. For more information, visit their website or call (541) 479-5926.

International Adoption Resources www.internationaladoptionresources.org

IAR has established both grant and corporate partner travel programs to alleviate the financial barriers to international adoption. The grant program is open to all legal international adoptions.

Katelyn's Fund www.katelynsfund.org

Speaking boldly for the fatherless, advocating that all children, regardless of circumstance, race, or origin, deserve a loving, Christian home, and encouraging families being called to adopt, through financial grants and emotional support.

Lifesong for Orphans www.lifesongfororphans.org

Lifesong offers matching grants (ranging from $2,000-$4,000), which encourage the adopting couple's church family to financially and prayerfully support the adoption. In addition, The Lifesong Legacy Fund offers interest free loans to help couples overcome the high cost of adoption.

Lydia Fund www.lydiafund.org

The LYDIA Fund helps deliver youth from institutions by helping married Christian couples to pay for the overseas portions of their adoption expenses. The money we use in this supporting role comes totally from donations from individuals and organizations that choose to support us. Without this God-given support, The LYDIA fund would be unable to function.

National Adoption Foundation www.nafadopt.org

The National Adoption Foundation provides financial assistance, services and support to families, before, during and after their adoptions are finalized. The Foundation's programs are available to any family whether they are adopting an infant, a child from abroad or a child from foster care.

Show Hope www.showhope.org

This group awards financial grants to qualified families already in the process of domestic and international adoptions. Contact them at (615) 550-5600 or visit their website.

* Please note, these resources are provided for your information. Inclusion here does not represent an endorsement by Adoption Support Center.