Can You Adopt For Free?
Video CC: There's a common misconception that private infant adoption is free, but the truth is it can actually be quite expensive. Private adoption usually costs between $20,000 and $40,000 with $40,000 being the national average. I was told by an agency that their average is $60,000 to $70,000. So when people are thinking of “free adoption”, what they're talking about is adopting from the state, which is also known as foster care. Now, when you adopt from foster care, the startup costs aren't much and then you receive a stipend from the state that helps you care for that child. But when you're trying to do private adoption, all of that money is coming out of pocket for the hopeful adoptive parents.
Now, how can people afford that is something I get asked all the times, but some of the way that I've seen are people taking out a second mortgage, borrowing against your 401k, taking out an adoption loan, applying for grants, or getting a credit card with a high limit, putting all their fees on that card and then paying it off in increments.
Now, if you're somebody who's in the adoption process, how do you plan on taking on these adoption fees?