With a bad first semester, can my financial aid be affected?

I’m a freshman in college, almost done with my first semester. I missed one of the tests in my math class and it doesn’t look like I’ll be passing it now. My GPA’s going to tank because of the F. Is this going to affect my financial aid status immediately or do I have time to make up for the F next semester?

You might get academic probation for a semester before losing it. Schools set their own criteria so check with your advisor or financial aid office.