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Biomedical engineering sits at the intersection of engineering and medicine — and the funding landscape for studying BME at the top engineering colleges reflects that dual identity. Graduate students can access NIH fellowships typically reserved for medical researchers. Undergraduates can earn $20,000–$35,000 per co-op rotation at medical device companies. And the SMART Scholarship is available to biomedical engineering students committing to DoD biomedical research.
The field also has one of the strongest long-term ROI profiles in engineering: median starting salary for biomedical engineering graduates is approximately $65,000–$75,000, with experienced engineers in medical device development and biotech earning $120,000+.
Funding a Biomedical Engineering Degree
NIH Ruth L. Kirschstein National Research Service Award (NRSA)
The NIH NRSA is the primary federal fellowship for biomedical graduate students. Individual fellowships (F31 for predoctoral, F32 for postdoctoral) provide a stipend of $28,224–$37,000+ per year plus tuition and fees, depending on years of experience and funding mechanism.
NRSA fellowships are awarded through the NIH and its institutes — NIBIB (National Institute of Biomedical Imaging and Bioengineering) is the primary funder for biomedical engineering research. Competition is significant but programs with strong NIH-funded research environments provide institutional support for applications.
Apply through your institution's research office.
Deadlines vary by institute — typically April, August, and November for the major cycles.
See grants.nih.gov.
NSF Graduate Research Fellowship (GRFP)
The NSF GRFP provides $37,000/year stipend plus $16,000/year cost-of-education for three years. Biomedical engineering and bioengineering are explicitly eligible STEM fields.
Deadline: late October annually at nsfgrfp.org.
SMART Scholarship
The DoD SMART Scholarship covers full tuition plus $25,000–$38,000/year stipend for biomedical engineering students committing to DoD civilian research employment. DoD biomedical research spans combat casualty care, prosthetics and rehabilitation engineering, and human performance research. Apply at smartscholarship.org.
Whitaker International Program
The Whitaker International Program funds US biomedical engineering graduate students and young faculty for research abroad — fellowships of $30,000 for graduate students, $44,000 for postdoctoral researchers. Highly competitive, approximately 30 awards per year. See whitaker.org.
Industry Co-op programs
Medical device and biotech companies run some of the most structured co-op programs in engineering. Average co-op compensation at Medtronic, Boston Scientific, Stryker, and Johnson & Johnson ranges from $22,000–$35,000 per rotation. Students at programs with established medical device industry relationships — Drexel, Georgia Tech, Michigan — typically complete three to four rotations.
Top Biomedical Engineering Schools
Johns Hopkins University (Baltimore, MD)
Ranked #1 nationally for biomedical engineering (graduate)
Johns Hopkins Department of Biomedical Engineering is consistently ranked #1 in the country. Its location between Baltimore's hospital system and the NIH campus in Bethesda creates an unmatched research environment — Hopkins receives more NIH funding than any other institution. The department has 60+ faculty and research programs spanning neural engineering, imaging, and cell engineering.
For undergraduate students, Johns Hopkins offers a BME major with direct clinical exposure through Johns Hopkins Medicine. The BME undergraduate program is among the most research-intensive in the country — most undergraduates participate in faculty research by their sophomore year.
NIH/NRSA positioning: Strongest of any institution. Hopkins' NIH funding infrastructure means graduate students receive significant institutional support for NRSA applications.
Financial snapshot: Need-blind; meets 100% of demonstrated need. Graduate students typically funded through research assistantships after year one.
Duke University (Durham, NC)
Ranked #2 nationally for biomedical engineering (graduate)
Duke's BME department is particularly strong in genomics engineering, neural engineering, and medical imaging. The Pratt School of Engineering has close integration with Duke Medicine and the Duke Cancer Institute — giving BME students direct clinical translation opportunities.
Duke participates in SMART Scholarship and has strong NIH research funding. The undergraduate BME curriculum includes required clinical immersion experiences that distinguish Duke graduates in medical device and healthcare company recruitment.
Financial snapshot: Need-blind; meets 100% of demonstrated need. Strong institutional fellowships for graduate students.
Georgia Institute of Technology / Emory University (Atlanta, GA)
Best value biomedical engineering program nationally
The joint Georgia Tech/Emory Department of Biomedical Engineering is one of the most distinctive programs in the country — combining Georgia Tech's engineering infrastructure with Emory's medical school and hospital system. The joint department consistently ranks in the top 5 nationally.
For Georgia residents, this is the strongest financial value in top-ranked biomedical engineering: Georgia Tech in-state tuition (~$12,000/year) with access to a joint program that competes with Johns Hopkins and Duke. Out-of-state students can access SMART Scholarship funding and strong co-op programs with Atlanta's growing biotech sector.
Financial snapshot: In-state tuition ~$12,000/year for GA residents. Best cost-to-ranking ratio of any top-5 BME program.
University of Michigan (Ann Arbor, MI)
Best for: Medical device co-ops, automotive biomedical crossover
Michigan's BME program combines engineering depth with Michigan Medicine — one of the largest academic medical centers in the US. Strong co-op relationships with Ann Arbor's growing biotech sector and Michigan's automotive industry (increasingly relevant as autonomous vehicles intersect with human factors engineering).
Michigan residents benefit from Go Blue Guarantee (free tuition under $65K family income) and Michigan's state grant programs. NIH research funding at Michigan is among the highest of any public university.
Financial snapshot: Go Blue Guarantee for in-state under $65K. Strong NIH research infrastructure for graduate fellowships.
University of California, San Diego (La Jolla, CA)
Best for: Biotech industry, genomics, neural engineering
UCSD's Jacobs School of Engineering and Skaggs School of Pharmacy sit adjacent to one of the densest biotech industry clusters in the world — San Diego's Torrey Pines Mesa, home to over 1,000 biotech and pharmaceutical companies. UCSD BME graduates have unparalleled access to biotech industry co-ops and post-graduation employment.
UCSD's neural engineering program is among the strongest in the country. California residents benefit from Blue and Gold Opportunity Plan coverage plus Cal Grants.
Financial snapshot: In-state tuition + Cal Grant for CA residents. Biotech co-op earnings average $28,000–$40,000/rotation.
Drexel University (Philadelphia, PA)
Best co-op program for biomedical engineering
Drexel's biomedical engineering program is built around its co-op system — students complete three six-month co-op rotations at medical device, pharmaceutical, and biotech companies. Co-op employers include Siemens Healthineers, GE Healthcare, Merck, and multiple Philadelphia-area health systems.
The Drexel co-op system is the most structured in biomedical engineering — by graduation, students have 18 months of full-time professional experience. Average co-op earnings: $22,000–$30,000 per rotation, $66,000–$90,000 total over three rotations.
Financial snapshot: Higher sticker than state schools but co-op earnings significantly offset total cost. Merit scholarships available for competitive applicants.
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