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I can sum it up fairly simply:
The regents at Baylor have far too much influence, or maybe it is that their influence is generally a thinly veiled attempt to turn Baylor into a church. For a school that is trying to move itself into the upper tier this seems counterproductive. Much of Baylor's moral stances are now very much out of line with mainstream thought. Although I must say the current president is far better than the last and the atmosphere does appear to be changing.
That said, I feel that I received a very good education at Baylor for the most part devoid of religious influence in the classroom--the way a university should be. Of course, I was a psychology major and I suspect that this may not have been the case for other majors--such as the humanities. I thought that the psych department was excellent and prepared me well for my postgraduate education (I am currently a PhD student at Notre Dame).
Baylor is very generous with their financial aid, and despite the relatively homogenous student population you can fairly easily find a group of people that you love to be around and get along with very well. I really enjoyed my time at Baylor.
PS Go to the basketball games!
OH and Waco really is not that bad.