Academic Honor

It is my first offense, and I need some advice. Essentially, I looked up very similar lectures online with very similar problems and used that as inspiration to answer a problem set. Another student likely had the same source when doing the hw, so he ended up getting a very similar paper to mine. My professor had a sit-down with us today, and he basically said something like "I will let you guys know next Tuesday what the course of action will be. I do not want to throw accusations right now, and I am not saying there is currently an issue, but I will be going through the university policy on the matter and give you two an update." My consciousness couldn't take it, so I asked that I have a one-on-one conversation with him after the meeting, and I said something like "I want to begin by saying I did not collaborate with this person. I don't want to waste your time. I was desperate professor, and I apologize for my actions. What I did was find lectures and solutions to problem sets very similar to yours, and used that as inspiration for my homework assignment." I then explained how my desperation to pass the class due to family and financial reasons consumed me, leading to the cheating. What can I expect for the repercussions?