I’m sorry this happened. You aren’t the first and you won’t be the last, and you will look back on this as an unsettling time. You might feel scared and worried right now. You’ve done the right thing though. Your parents will still love you, but don’t be surprised if they are upset, disappointed, or angry. You need to come up with a course of action.
Can you appeal the suspension? There might be some useful points in this post that you can use in writing an appeal. Feedback on suspension appeal letter?
Talk to an academic advisor if possible and find out what steps you can take. What can you do to improve your college performance? Once your parents have digested the news, sit down and have a discussion with them. Let them know if you were feeling overwhelmed or frustrated and acknowledge your mistakes. Talk with a therapist if needed.
This is a setback, not the end of your education. Best of luck to you.