Surrogacy is an experience that requires you to be flexible on all fronts, including financially. It’s critical that intended parents understand the financial ramifications of surrogate pregnancy; after all, Bankrate reports that gestational surrogacy can cost as much as $120,000 (although at SMI, your total–all-inclusive–cost for embryo transfer averages around $100,000). And, experts recommend that intended parents have 10-20% more than that figure for unforeseen expenses or emergencies.
If you don’t have a $200,000 lying around, you may be wondering if you can finance your surrogacy. Here’s what you need to know.
Secured Loans For Surrgacy
Secured loans are a type of personal loan that is secured by collateral, such as a vehicle or a certificate of deposit that you can’t touch yet. These loans tend to have lower interest rates than unsecured loans because the lender is taking less risk when collateral is involved.
An unsecured loan is a personal loan that isn’t secured by collateral. Usually, lenders only offer unsecured loans to individuals with a low debt-to-income ratio and a good credit score.
Most 401(k) loans will allow you to borrow up to 50% of your total 401(k) balance, however, the loan must be paid off within a certain amount of time, usually before you retire.
Home Equity Loans
You may be able to borrow against the equity in your home if you’ve paid down your mortgage balance enough and your credit history is good.
Fertility Financing Loans
Some surrogacy organizations and fertility-friendly banks offer loans specifically for financing fertility procedures, such as IVF and gestational surrogacy.
Are There Grants for Surrogacy?
Organizations like the Baby Quest Foundation and Pay It Forward Fertility offer grants for fertility procedures. Most grants cap out at $10,000, which is a significant amount of money, yet only about 10% of the total cost. Crowdfunding is an option as well, and there’s no cap on how much funding you can generate with this method. If you have a particularly special story or lots of family and friends who are willing to share and reshare your crowdfunding page, you may be able to generate the entire cost of surrogacy.
Contact Surrogate Mothers, Inc. Today for More Information
To learn more about how much surrogacy costs and to get ideas about how to fund your surrogacy experience, contact Surrogate Mothers, Inc. today at 1-888-SURROGATE. We’ve helped over 500 babies be born since 1984 and have never had a single failed surrogacy.