Repayment Procedures

Ferree Foundation loans are interest-free while the student is in school. Within six months following graduation or exiting college, we expect students to contact the Foundation and set up a repayment schedule. Interest begins at that point and is 1% the first year, 2% the second year, and so on to 6% the sixth year of repayment. Thereafter the rate is 8% until the balance is paid.

Payments

Students make regular monthly payments directly to the Foundation.

PAYMENT OPTIONS INCLUDE:
– Personal Check
– Online Bill Pay
– Credit or Debit Card .doc / Credit or Debit Card .pdf
– Automatic Bank Draft (ACH Transfer) .doc /  Automatic Bank Draft (ACH Transfer) .pdf

To set up Credit Card, Debit Card, or Bank Draft Options, download the appropriate form from this website, complete the form, and return it to Free Foundation per the instructions on each form. Personal checks should be made payable to The Ferree Foundation and mailed to:

The Ferree Foundation
Post Office Box 2207
Asheboro NC 27204

We request a minimum monthly payment of $75 unless students make other arrangements. Contact the Foundation immediately if you are experiencing financial difficulties.

Deferring Repayment

Students who are in graduate school may ask to have their loan repayments deferred while they are in graduate school. Interest will continue to accrue.

Students should keep a record of their loan repayments. The Foundation sends statements annually in the first quarter of the New Year. You may request information concerning your account by contacting the Director at the above address. Please promptly inform the Foundation of changes to address, telephone number, or changes in name due to marriage, etc.