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."

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