What steps should I follow if I've overstayed and still have to be here for another 2 months?

I'm a student, my school is helping me deal with the situation right now but just want to get a better understanding of the consequences. I've overstayed and will pay the 5000 yuan fine, will go to authorities tomorrow. What will happen and how bad will I be punished, does being a student help ease the penalty/fine or possible deportation or even the 5 year entrance denial?