What happens if I fail more than one class while receiving financial aid?

First off, I know I really dropped the ball on this one. I'm a 22 year old freshman in college and I loaded up on some really hard courses that I was totally unprepared for. That's not an excuse, just an explanation.

So here's the situation, currently I'm taking 15 credits at a public university (if that matters at all). I'm receiving financial aid via federal subsidized and un-subsidized loans as well as various other grants including the Pell Grant. I know I failed one class and most likely a second one, both of which are 4-credit courses. What are the repercussions that I will face and is there anyway I will be able to continue in school?

What, if anything, can I do to remedy this situation?

I'm extremely nervous about this whole situation and any help will be greatly appreciated as I was unable to find the answers elsewhere.

Thank you, Andrew