Ferrera, the youngest of six children, was born in Los Angeles, California. Her parents, América Griselda Ayes and Carlos Gregorio Ferrera, were originally from Tegucigalpa, Honduras, and immigrated to the United States in the mid-1970s. Ferrera has stated that she has Lenca ancestry. Her mother worked as the director of the housekeeping staff for one of the Hilton Hotels, and stressed the importance of higher education. When Ferrera was 7, her parents divorced and her father returned to Honduras. Ferrera was estranged from her father when he died there in 2010.
Ferrera was raised in the Woodland Hills section of Los Angeles, where she attended Calabash Street Elementary School, George Ellery Hale Middle School and El Camino Real High School. At age seven she played a small role in a school production of Hamlet, and when she was 10 she played the Artful Dodger in Oliver!.
While at El Camino High School, she took acting lessons. She entered the University of Southern California (USC) on a presidential scholarship, double-majoring in theatre and international relations. She dropped out to focus on her acting career, but completed her bachelor's degree in May 2013.