Doing Poorly in Masters after already submitting PhD apps

[ohgodimscrewed]

Hey everyone,

 

So I'm currently doing a 5th year masters at a top R1 public research institution, with my background in biomedical engineering and materials engineering. I did the masters (same institution) in materials engineering so I could take more classes in materials that were outside my expertise, just so I could learn more before diving into my phd in bioeng, where I probably wouldn't have the time to focus on coursework. Unfortunately, my coursework was not only difficult, but I also was focused too much on my research during this time, which ultimately lead to me finishing the semester with a 2.5 GPA in my first semester of my masters. Research-wise, I was pushing for a publication (which got accepted 2 days before my first grad school app was due), as well as solidifying some experiments for an oral presentation at a national conference, while submitting 4 abstracts for future conferences (2 of which already got accepted).

My undergrad GPA overall was a 3.51, with my last 1.5 years being probably around a 3.7-8 in major courses, and I've never had this bad of a drop in GPA before. 

I've already submitted all my apps for Bioeng PhD's a while back, and I know I can pick my masters grades up to actually get the degree, since I'm taking way easier classes that I'm already familiar in; but I'll prob be put on probation now (which has never happened before). Will this affect my admissions, and/or lead to possible rescinding?  Is the masters even that important? Seriously freaking out so any advice helps!