Not making the grade? Academic probation can cost you your financial aid or your enrollment status.
While it is impossible to give you the exact terms of satisfactory academic progress at every school across the nation, normally you must maintain a 2.0.
If you GPA does fall below a 2.0, in most cases you are given one semester to redeem yourself. This is called academic probation. If you are unable to do so, you will be dismissed from the school and your financial aid may be suspended.
If you are dismissed from a school, you will need to apply later (generally speaking this means a semester off of school) or apply at another institution. What does this mean in terms of financial aid? For federal aid, you remain eligible for the aid while on probation. If you fail to raise your GPA you may be in some trouble.
Remember, rules vary from school to school. So keep your grades up and hopefully you will never had to find out!