Without access to grants or health insurance that covers the out-of-pocket costs of in vitro fertilization (IVF), many individuals and couples and left in a tough spot when it comes to affording treatment. Further, even people who have some assistance with the costs of IVF may need to borrow money to finance costs above and beyond the aid they receive.
In both cases, it’s possible to apply for an IVF loan that will cover the expense. With an IVF loan, you’re simply applying for an unsecured personal loan and saying the purpose is to get IVF treatment. Keep in mind that most personal loans come with a fixed repayment schedule and a fixed interest rate. However, the amount of time you need to repay your loan and your interest rate will depend on how much you borrow and how creditworthy you are.
With an IVF loan, as with personal loans in general, you may be able to borrow up to $35,000 (or even more) and pay it back by making fixed monthly payments up to 20 years. In addition to the interest rate you’ll pay, it’s important to remember that many personal loans may also come with an origination fee of somewhere between 1 percent and 6 percent of the loan balance. However, not all personal loans charge an origination fee or any other fees upfront.
Both Huff and Tomkins say it’s worth checking into various grants and funding programs if you know you’ll need help affording IVF. Grants and IVF programs are often based on financial need, notes Huff. But since each program has its own guidelines, there is no set limit on how much you can earn and still get help.
Firms may even consider your total financial picture before approving you for aid. If you’re applying for an IVF grant but just financed a new car, for example, Huff says you might not be approved for help, even if your income is low.
Before you consider borrowing money for IVF, it’s worth considering the grants and aid that is available. Here are some of the most popular grants and programs you may want to apply for: