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.  The interest rate may rise to 12% if the loan becomes severely delinquent or is referred to a collection agency.

Payments

Students make regular monthly payments directly to the Foundation.  Please make checks payable to The Ferree Foundation and mail 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.

Annual Statements

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.