Adopting a child may be expensive, but there are ways to lower the cost or make a large loan a little more manageable:
Adopt a waiting child currently in foster care. In this case, the public agency would complete the home study section of the process at no extra cost. If you and the child live in the same county or state, the agency may also cover postplacement supervision costs.
Apply for a tax credit. While it won’t help cover the initial cost, it can lower your tax bill — making the budget during your first year as a family a little more affordable. As of 2019, the tax credit was set at $14,080 per child.
Build your credit. The better your credit, the lower your interest rate when you apply for a loan. While you’re working on saving for the new addition to your family, take steps to improve your credit to increase your chances of qualifying for a competitive interest rate.
Look into employer benefits. Some employers offer financial assistance for prospective adoptive parents. Whether this is a reimbursement or lump sum of money, looking into an adoption program sponsored by your employer could easily cut down on adoption costs.
Find a grant. Many national, state and local organizations offer free money to families looking to adopt. Take your time to research and apply for as many as you can — every little bit can help.