McGill University- Failing a term?

Hello everyone, I'm a first year student studying engineering at mcgill. In high school I was one of the top acheivers in my school. For my first term at mcgill i got a GPA above 3 (everyone told me its fine to get this in first year). Now, the second semester was hell for me, i got horrible grades on my midterms, i hated engineering now like never before, i felt like switching to other faculties, but couldnt think of anything else to suit me. I am now in the finals period, I already wrote 2 exams and did very bad on them both.. I have 2 left i feel really discourged from studying because I'm afraid what would happen if i fail those 2 exams, whats gonna happen with my future at this university, what would my parents reaction be. I know it maybe my fault i should have studied more for finals, but its too late now.. what do you guys think I have to do? what would actually happen if i fail this whole term! Thank you