Following this SO post, I changed all of my @font-face definitions to look like the following:
  @font-face {
   font-family: 'Pe-icon-7-stroke';
   src:font-url('/assets/Pe-icon-7-stroke.eot?d7yf1v');
   src:font-url('/assets/Pe-icon-7-stroke.eot?#iefixd7yf1v') format('embedded-opentype'),
   font-url('/assets/Pe-icon-7-stroke.woff?d7yf1v') format('woff'),
   font-url('/assets/Pe-icon-7-stroke.ttf?d7yf1v') format('truetype'),
   font-url('/assets/Pe-icon-7-stroke.svg?d7yf1v#Pe-icon-7-stroke') format('svg');
   font-weight: normal;
   font-style: normal;
  }
Where all of the font files are plassed in /assets/fonts/.
I also changed the file in which the above @font-face is declared from type .css to .scss. The fonts are still loading in development, but when I added the changes to git and pushed to my production site on heroku, the fonts still are not loading. 
This may not be indicative of the problem I am having, but when I view my compiled assets on the live site, I see that for the definition of the font, there is written:
 font-family:'Pe-icon-7-stroke';
 src:url(/assets/Pe-icon-7-stroke.eot?d7yf1v);
as opposed to font-url it uses url (which is maybe how sass is converted into css, but may also mean that the old application.css is loading?)
https://kaf.herokuapp.com/assets/application-490d8d687dc0c9b526bf1348ca9a3a6f.css
For Reference, here is my complete assets directory on Github
 
     
    