Baylor is only worth $40k/year if you're a complete and total masochist.
That being said, it's very unlikely that you'd get no scholarship at all. Baylor hands out scholarships like candy on Halloween.
(Not that you get to celebrate Halloween at Baylor, because it's during fall finals. Also, Easter is sometimes during spring finals.)
Don't let anyone trick you: the quarter system is horrible. The only way you would ever think otherwise is if you were still in your first quarter. I don't mean to make any digs, but I didn't realize how bad it was until I finished my first set of finals on a Friday, only to realize that I had to hunker down and start reading for 2nd quarter, which started the following Monday.
In third year, there's the practice court program. I'm not in it yet, but I think it's basically like boot camp: You come out stronger, but you sure get your ass kicked while you're in it. This program is a HUGE part of the Baylor experience, so anyone who's seriously looking into Baylor should make sure to ask admissions and tour guides a lot of questions. They tend to gloss over it, so they don't scare people off.
Waco really isn't that bad. There are a lot of good restaurants and most of the big chain stores. And it's only 1.5 hrs each way to Dallas or Austin (which, for Texas, is pretty close).
But Waco does have a lot
of shady areas. More than "some."
The building is fantastic, though. It's got a great location. And most of the professors are amazing. It's also a pretty small school, so it's easy to make friends. Also, about 2/3 of us are Texans, so we're pretty friendly.