November 5 – COLUMBUS – In conjunction with National Adoption Month, Treasurer Robert Sprague announced the launch of Family Forward – a program designed to provide financial relief to families who manage the high costs associated with the adoption process.
“All too often, the rising costs of adoption deter hard-working Ohioians from expanding their families,” Sprague said. “With Family Forward, we can relieve some of that financial stress and allow expectant parents to focus on the excitement of bringing a child into their home. Through this effort, we look forward to helping families across the country. ‘Ohio during one of the most important moments of their lives. “
Today in Ohio, expectant parents navigating the adoption process face costs ranging from $ 10,000 to over $ 50,000. Family Forward provides financial assistance through a linked deposit program administered by the Ohio Treasurer’s Office. Under the program, individuals or families who wish to adopt may be eligible for reduced interest loans that can be used for eligible adoption expenses up to $ 50,000.
Eligible expenses include (but are not limited to) adoption agency fees, court costs and fees, expenses incurred on behalf of the birth mother, health and psychological examination fees, education home and travel.
Loan seekers will work with a lending institution to apply for a loan through Family Forward. Once the loan is approved, the treasurer’s office deposits the funds with the lending institution at a below-market rate. The credit institution then passes the interest savings on to the borrowers via a reduced interest rate.
For more information on the initial participating lending institutions and how to get started, visit www.ohiotreasurer.gov/familyforward.