Pinnacle Bankshares, the holding company of First National Bank, a full service commercial bank based in Altavista, Virginia, has launched a new consumer loan product for current and prospective customers seeking financing for higher education expenses.

The new program, labeled as FNB Student Loan, is a credit based loan used by borrowers to fund the gap created when the cost of attending a post-secondary educational institution is not fully covered by available resources such as grants, scholarships, federal student loans, cash and investments, Pinnacle Bankshares said.

Aubrey Hall, executive vice president and COO of First National Bank, said: “Customers and colleges in our surrounding market will benefit from this new product which offers a term of 15 years, rates as low as Prime + 2.5%, and no origination fees.”

The loan program will be managed by GradCapital, a management and advisory firm with expertise in the education finance industry.