WASHINGTON -- There is a big change coming to the federal student loan program, reported WRC-TV in Washington, D.C.

Officials said students who miss a July 1 deadline could pay dearly.

According to the National Center for Education Statistics, 63 percent of students get some type of financial aid.

Under the current system, students can consolidate their federal loans repeatedly while they're still in school.

On July 1, students will no longer have that option. They will be forced to wait until graduation, and interest rates are expected to continue to rise.

Based on current interest rates and realistic projections, consolidating a $20,000, 20-year loan now could save students more than $5,000 over the life of the loan.

George Washington University grad student Tara Gottsacker said she would not have been able to go to school without loans.

"They have been very, very important throughout all of my education, including undergraduate and master's programs," she said.

Next year, Gottsacker will face the reality of having to begin paying her loans back.

"After graduating from George Washington, I'll have about $90,000 in loans. Every time I tell someone that, they about fall backwards, but that's about average for a student that's getting their master's degree," Gottsacker said.

Gottsacker said one of the ways she plans to soften the blow is through consolidating the loans and locking in the best possible interest rate, while she still can.

Lenders are urging students interested in consolidation not to wait until the last minute.

They said they are also expecting a deluge of applications in late June.