With Shenandoah (3-11, 1-1 USA South) trailing 66-64 following a Dominic Chappell layup at the 4:36 mark, Ferrum (6-7, 1-1) answered by scoring 10 of the game's next 12 points in a span of 2:45.
The Panthers had total control of the contest from this point on; SU got no closer than four points the rest of way.
Junior Avery Green, who led all scorers with 26 points, cut that deficit to four points with his eighth and final field goal of the contest at the 3:02 mark.
Ferrum closed the game out on a 10-5 run.
The two teams traded the lead seven times and were tied on six other occasions. FC took the lead for good on a Marcus Mayo jumper with 11:23 remaining.
The Panthers largest lead, 11 points, came with 26 seconds to play in the first half and was fueled by an 11-2 run from the 4:19 to :10 seconds mark.
Green ended that run by canning a pair from the charity stripe. He finished 9 for 12 from the line.
Shenandoah outrebounded its opponent 32-30; this is just the second time all season that SU has won the battle of the glass.
Both teams shot 48 percent from the field - the Hornets were 25 for 52 and Ferrum 28 for 58.
Shenandoah hosts Marymount on Wednesday at 7 in its final non-league game of the season.