BayBanks Credit Corp. has introduced a home equity line of credit that is specially tailored to financing education. It says the product is one of the first specifically designed to help parents finance their children's secondary-school and college costs.

The unit of BayBanks Inc. says what differentiates its product from others targeted for education costs is that the draw period and repayment options are longer "to better match tuition paying and repayment needs."

Repayment may be made over 5, 10, 15, or 20 years.

The bank said only one loan approval would be needed, in contrast to the yearly applications necessary for financing through school programs, and that a single loan could cover education needs for all family members.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.