Proposal Would Reduce Interest Rates for Adoption Loans
In Ohio, as many as 19,000 children are projected to be in the foster care system by this time next year. State leaders are offering a plan that could address the crisis by alleviating some of the financial stress that comes with adoption.
Adoption can cost between $10,000 to $50,000.
Angela Boblitt leads an adoption agency. She says a plan in the Ohio House that would reduce interest rates for loans to pay for adoption can go a long way. Boblitt says she and her husband ran into a financial roadblock when they were adopting one of their children.
"The reality of our situation was that $14,000 stood between us and our ability to bring home one of Ohio's most vulnerable children."
When a loan is approved, Ohio Treasurer Robert Sprague’s office would be depositing funds at the bank or credit union in exchange for a lower interest rate. Sprague says it wouldn't pose a financial risk to the state.