Adopting From Fostercare: Benefits You Might Not Have Known About

If you are thinking about foster adoption or are currently an adoptive parent, it is important for you to know some of the benefits that you and your adopted child are eligible to receive.

Did you know:

• That foster adoption costs you little to nothing compared to private adoptions that may cost you between $5,000 - $40,000 (including international and domestic infant adoption) 
• State and federal assistance programs offer financial help to adoptive parents of eligible children to help offset medical fees and any other necessary costs that may arise during the adoption process and throughout your child’s life until he or she turns 18. Types of financial assistance may include: 
• Monthly government subsidies and reimbursements (Federal and State)
• Special loans and grants 
• Paid medical coverage for children (Medicaid card) 
• Visit this site for more information about the Federal IV-E Adoption Assistance. Program guidelines. State assistance programs vary by state. Check your individual state guidelines on this website. 
• Adoption Tax Credits : Families who adopt children from foster care under the responsibility of a Title IV-E agency are eligible for a one-time tax credit of up to $13,000 to help offset court costs, legal and travel expenses, and other miscellaneous fees directly related to a legal foster adoption. 
• Employer Adoption Benefits: A growing number of companies have begun to offer benefits to employees who adopt. These benefits can include financial reimbursement for legal fees, agency fees, and post-adoption counseling. Some employers even offer paid leave time, and help finding resources and referrals if you desire more information or support. 
• Scholarships: Many organizations and foundations have scholarships in place specifically for children adopted from the foster care system. This will ensure a bright future for your child and help secure a higher education for him or her. 
• Probably the greatest benefit of adoption from foster care is providing a child the priceless gift of a loving, safe and permanent home.

College Costs

Teens in foster care no longer have to choose between being adopted and receiving financial aid to attend college. Under a new law, The Fostering Adoption to Further Student Achievement Act (FAFSA), youth adopted from foster care after their 13th birthday will not have to include their parent’s income in determining their need for financial aid.

The FAFSA provision, which takes effect this month (July 2009), allows teens to seek financial aid for the 2009-2010 school year. Youth adopted before the new law are also eligible.

FAFSA is good news not only for youth but for families wanting to adopt them. Until now, many families fostering teens hesitated to adopt them if it meant denying them a college education.

According to statistics reported for the fiscal year ending 2006, the latest year these figures were available, 510,000 children of all ages were in foster care. Of these, 129,000 were waiting to be adopted and about a quarter of them were 13 and older. Only 11% of teens 13 and older were adopted.

Statistics have consistently shown that youth who are adopted out of the foster care system are more likely to attend college and have stable and productive lives. With this new law, the hope is that more teenagers will be adopted and that their dreams will include both a college education and a loving home.