Hi - welcome to the forums Wake4Life!! I was in your shoes about a year ago - 230, high blood pressure, and a general feeling of being an out of shape slug. I bought a bike and started riding it part of the way to work, (about 16 miles round trip), at first once a week, then twice, and then three times a week. By the end of the year, I had dropped 20 lbs. and have lost 5 more since then to my current weight of 205. My goal is still to ride to work at least three days a week, but I usually ride in every day and average around 80 miles per week.
You are definitely on the right track. Most important thing is consistency and making goals you can meet. Riding to school every day may not be a realistic goal, but riding two days a week and once on the weekends sounds reasonable, right? You are definitely on the right track with cutting out the processed foods and fast foods. Eat smaller meals until you are "not hungry", rather than full. I'm far from an expert on nutrition, but the other posters have it right - calories in = calories out.
Most importantly, (and it sounds like you've already got this down), have fun!! As you ride more and your fitness improves, biking becomes easier and more enjoyable. Looking to connect with other members of the biking community on group rides, etc. is also a good way to learn new skills and get good advice on biking in general. Welcome to the club!