What happens after you lose your virginity?

Hi I'm 21 years old and I'm still a PROUD virgin. However I've been talking to someone for nearly a year now and he is sending signals that he wants to have sex. I have been informed about ways to protect myself before and during sex, but what should I expect after? My friend said she didn't bleed. Should I not expect bleeding? If so how long? And what about pain will i be in serious pain afterwards?