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One of the not-so-talked-about challenges of adoption is finding ways to finance the process. The bottom line is that adoption is an expensive investment. Let's assume for this page, that we are talking specifically about Russian or Ukrainian adoptions.Let's go over some sample numbers:
Item Cost Notes Airfare for 2 adults, roundtrip $2-4000 many adoptions require 2 trips In-country travel expenses $1-3000 per trip US Agency fees (not including home study) $2-10000 Home Study $1500-3000 US goverment/State government fees $1000-2000 INS, etc. Medical checkups - before, during and after $500-??? Foregn government, agency fees $10000-20000 assuming non-disabled, young child Total $18,000-42,500+ Now these are estimates, but even conservatively, it's a large chunk of money. It is always more than you originally planned; it is always more than the agencies advertise. And frankly, much like going to the hospital, do you really trust the lowest bidder? Unfortunately, in many ways, adoptions are a comodity: every middle man wants his/her piece of the pie.
So, what are some ways of paying for these expenses?
There are no easy answers, but maybe one or more of the options above will work for you. At a certain point, most parents don't care how much it costs. How can you put a price tag on a child?
- Save up for a long time
- Get financial support from friends & family
- Take out a second mortgage (if you have equity in something)
- Organize a fund raiser with friends, etc.
- Grants and loans are sometimes available to lower income parents (check with agencies, local governments, etc. But be careful! Some "non-profit adoption loans" are higher interest rates than credit cards!)
- Max out existing credit (probably not the best idea)
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