fet is mosfet, like this
(sorry for big pic, its just one from googl)

you've probably seen loads of them inside power supplies etc..
(actually, the printer-board will have one on it already for switching the heatbed on/off, it's just a smaller/low power one)
oversimplified, just imagine it's a tiny but powerful and super fast relay
you could buy a pile of them, for pennies each, maybe £1 for some good 60v 60amp ones
but, just had a brain wave (it happens now and again) you could just use an arduino shield ?
maybe one like this?slight problem is you need between 3v to 5v to turn it on/off, you'll have to feed 3 to 5v into the printer boards power input (an old phone charger?) and then the output from the printer would would switch it fine
you also need a heat sink to keep it cool, so screw it to an old cpu heatsink etc..?
added bonus, it's opto-isolated, so on the board between your printer power and the power it's switching is a little opto-isolation chip, whcih has a tiny little led and a tiny little light sensor thingie inside it... the printer will be turning the led on/off, which the light sensor thingie (I forgot the name) picks up and turns the mosfet on/off...... makes no difference at all to the way it works, but it means if you make a mistake, or drop a screwdriver over the contacts etc... your printer control board is totally safe because there's no physical connection between that and your hotbed/psu :-)