Is IUI hopeless with a very low sperm count-- below a million?

We've been trying to conceive for 9 months now. We just tried IUI twice. The first time we had a washed sperm count of 300,000 and the 2nd time 800,000 since he gave a lot more semen the 2nd time. I'm so scared to ask this question, but is IUI completely hopeless for us?? We cant afford IVF!