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Oggthebase
11.20.2012 , 10:47 AM | #2
you get to keep all your characters, including all the races you had available while subbed. If you have more than 2 characters you won't be able to create another, but you can still play with all of the existing ones.

Source: Q&A
http://www.swtor.com/community/showthread.php?t=546823

Look up the question from Ripster and the answer from Blaine Christine.
In the future, they may put mechanics in place to restrict to only two active characters for privileged/F2P players. No date announced.