Family Forward: Making Adoption Costs Manageable
By: Ohio Treasurer Robert Sprague
Adoption is a wonderful way for many people to start or grow their families. When prospective parents decide to adopt, they start down a path that will change their lives, and the life of a child, forever. They envision the joy and love that will fill their home. What they don’t expect is to encounter significant financial barriers. Today in Ohio, prospective parents navigating the private adoption process can face costs ranging from $10,000 to over $50,000. Unfortunately, these costs often deter even the most compassionate prospective parents wishing to open their hearts and homes.
“Cost shouldn’t stand in the way to the rewarding and fulfilling act of adoption.”
That why he recently partnered with Representative Jon Cross (R – Kenton) to introduce legislation that establishes the Family Forward program. Through Family Forward, Ohioans seeking to adopt may be eligible for reduced interest loans for qualified adoption expenses up to $50,000. Some of these expenses include adoption agency expenses, court fees, and home studies.
Once implemented, applicants would work with an eligible lending institution to apply for a loan through Family Forward. Once the loan is approved, the Treasurer’s office deposits funds with the lending institution at a below market rate. The lending institution then passes the interest savings on to the borrowers via a reduced interest rate on their loan. Not only will a lower interest rate result in real savings for families, Family Forward loans also will help them meet and manage immediate adoption costs prior to receiving federal and state tax credits. By chipping away at financial barriers that can inhibit adoption, we can help more families take shape and welcome children into loving forever homes.
Learn More About Foster Care & Foster To Adopt