IVF loans

alpCRNA

Hey Ladies!  We are trying to figure out how to finance another round of IVF.  We basically have two options.  Option one is to wait 1.5-2 years while we pay off the credit card we used for IVF #1 and then recharge it.  Option 2 is to apply for an infertility loan.  The research I have done without actually applying has huge ranges on interest rates.  Option one is the more financially responsible thing to do, but I want to take advantage of my age.  So, has anyone applied for or used an infertility loan to pay for IVF?  What king of interest rate did you get?  Was it difficult to get approved for the necessary amount (since its not secured)?

Jzyla

I can't speak to the benefits of an IVF Loan (I've never heard of it and we likely don't have it up here!) but my personal opinion is that this is the one time to buy now, pay later. I'm not one for credit cards or taking out loans, but I feel like the cost of waiting outweighs the benefits of saving interest and being 'responsible'. Of course, this totally depends on your age and your values - this is just my opinion! We have a line of credit we have been using for IF expenses.

jencity9

I don't know about IVF specific loans but we were able to get a personal loan from a credit union with a low interest rate. We fortunately have some insurance coverage so we took out $12,000 total.

Justone13

We did a home equity loan. 22,000 for the shared risk. We pay every month on it. Def worth it.

mm29

My last cycle (DE IVF/FET) I got an IVF loan.  The interest rate isn't terrible for an unsecured loan 7.5%. I will PM you the company I used.  If I remember right I had to have a clinic code to apply.  It was a fairly simple application as well.  Good luck!

tptbabe

Haven't used a medical loan personally, but there are ways of getting lower interest rates! We personally opened up a home equity line of credit (which we ended up not using because we were able to save up enough in the end to pay in cash) which is at prime plus half. We will likely use it to finance a second cycle if/when we try again. In the meantime, we used it to replace my car, which we've been putting off for a few years because of treatments? (I'm still surprised that sucker managed to not completely die on me in the meantime!) It means that we don't have to take out separate loans for that kind of thing, so that's good too!

LO95

I actually really second what another poster said about not waiting.  You don't want your emotions to run your finances, but this is just such an emotional thing (if not a time-sensitive one for your body) and I don't really know if I could stand to wait 1.5-2 years to get going again.  But that's me.

Here's a thought- Another poster a few weeks ago mentioned using either a Chase or Capital One card (I can't remember.). Apparently they do a year of interest free financing PLUS you get 1.5 cash back, which would be a sweet deal knowing you'll probably max it out.  If it were me, here is what I would consider:

Cost of IVF

Cost of Meds (NOT covered by the fertility loans we investigated)

What are your current monthly debt payments/ what will they be if you take more CCs or loans

Shop the loan rates. Look for 12-month interest free CCs. Do you have parents who would be willing to help out in lieu of providing you an inheritance later? Do you live in a city where you could get away with having one car if you sold the other?  Do you have any "toys" (i.e.: motorcycle, collection, etc) you could sell?  To me the answer to your financing is probably not going to be as straightforward as just one thing.  Could you pay for the meds with cash to help offset some of the debt you'll be taking on? ARC was the company we worked with and they were super eager to get rolling.  I guess it depends on your credit score too.

Good luck!

tweetyknicks

We personally opened up a home equity line of credit.

This is our backup plan too. I had enough with unsecured loans for school. Sallie Mae sucks--makes me want to do bad things.

Carol77B

I know that this is a very personal decision, but I wouldn't put it off any longer to pay off your current credit card, because it could make it that much longer and more expensive to get pregnant.

Does your clinic have a financial counselor that can help you navigate the options? Or maybe your bank or credit union? I haven't used them, but this is the loan group my clinic recommends:

 https://fertilityfinance.net/

They also have info listed on a couple grants:

https://babyquestfoundation.org/?option=com_content&view=article&id=3&Itemid=3

https://www.payitforwardfertility.org/grant-information/

Good luck!

 

Pintobean39

I looked into ARC this past IVF we chose not to go through them because I wasn't real comfortable and we had other options. I think their interest rate are anywhere between 7-30% depending on credit score but they wouldn't tell me what we qualified for without a hard hit on our credit report.

We chose to use our capital one venture card so I could get the points to use for vacation. We actually got to take 2 vacations this year for free with all my points I have racked up. What I couldn't pay off immediately I transferred to a 0% credit card that I have. We also have a HELOC that I can use if needed for future cycles.

I'm in the camp with everyone else don't wait. It sucks that finances play such a huge part in our decisions and that we have to go in debt. Age does make a difference in egg quality.

alpCRNA

Thanks for all of the information ladies.  I don't think another credit card is a good option for us.  The payment would be too high to pay off before the interest kicked in since that is how we payed for the first cycle.  I don't have enough equity in my home to get a home equity loan and definitely don't have parents who can help.  I'm thinking I'm going to change my student loans from the 10 year plan to the 25 year plan and then apply for a loan.  That would give us $520 a month that we could spend on a loan or put towards paying off the first cycle.  More than likely we will apply for a loan, but I'm going to wait until after the wtf appointment.

nowthatsalady

You don't have your age in your signature, but unless you're in your 20s I wouldn't wait. Age is the biggest factor, you want to give yourself the best possible chance.

tptbabe

I'd see about talking with a financial advisor before shifting around your student loan. They're usually free (at least for an initial consult) and they can give you an idea of what your options are, and what could work best for your particular situation. We met with one a few years ago to work out our budget and savings plans, and it was amazing how much we learned from it! Definitely worked to our advantage.

LundleBean

I used ARC at around 12.9%.  We refinanced that loan to add another round of cycling at 13.something %.  Rate depends on your credit.  Our credit is good, we pay our debt on time, but we have a lot of debt between IF, student loans, cc's, cars, and house.