what should I expect?

Basically I ended up screwing up my first semester of college. I focused on clubs and stuff more than I did on academics, which is stupid I know. I'll be ending my first sem with <2.0 GPA. I know I could have done better, but I just didn't start studying properly until the finals. I got good grades in my finals (didnt get a grade below B), but my midterm and earlier test scores screwed up the overall grades for the classes. Considering I'll be getting a really low gpa, what should I expect? Will I be put on academic probation or anything like that? I have aid, so I'm assuming that they will take that away because of low gpa. That being said, I have made a proper study schedule over winter break, talked to my professors and advisor and made a plan to not screw up next semester. Also, I'm on an athletic team, so will I be forced to leave the team?