I will second Mal on this. You will be OK and most importantly, you are young. What seems like a big deal right now is nothing but a blip. You will get it together before you know it.
The good news is that you have taken the first step. Coming clean with your folks and more importantly, yourself is key. Now you don't have a sword of damocles hanging over your head.
Take your time, get plenty of advice and help and start your journey anew with your head held high.
For the record, I blew my first year of University (really blew it). I dropped out after a month in second year. When I returned to school the following September, I had my shit together and never looked back. You can recover from this.
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"My hands are on fire. Hands are on fire. Ain't got no more time for all you charlatans and liars."
- Old Man Luedecke
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