As for the suspension transferring, I think that would depend on what type of financial aid it is. Just call someone in the financial aid office and ask, or call wherever you got your financial aid at. You could always apply for other scholarships, etc.
Don't feel too bad. I totally bombed my first year of college. My scholarship lasted two whole semesters. College will get easier when you start taking classes for your major (at least it did for me). I had way too many friends who dropped out after the first year. Just hang with it - you will make it.