Another problem is if you fail half of your classes your college will allow you to return for second semester. I agree with momofthreeboys: You need to figure out why your grades are so bad. Use your advisor, college study skills/counseling center and other resources because even if your financial aid continues and the college allows you to stay for another semester, you must overcome your problems with grades or you'll be kicked out after next semester and your only option the will be community college.
If you have merit aid from your college, you may have to maintain a certain gpa. Check your financial aid paperwork for details or ask the financial aid office.
At some schools with a limited amount of financial aid funds, students with high gpas are given reference for need-based aid. If your school is like this, you may have problems getting aid for your next school year.