In March, 1972, I attended the annual Bible Conference at Bob Jones University (as a visitor, not a student). After one sermon, a friend of mine told me (to my horror) that he was going to go up to the stage and complain to Dr. Bob Jones III about the policy of not admitting black students. Dr. Bob was evidently ready for such gripes, and he gave my friend a policy statement - to the best of my recollection, it said something to the effect that if black students were admitted, they might file civil rights complaints against BJU, and they could not take a chance on having to deal with such problems, so it was better to not admit blacks. (I recall seeing black visitors in the BJU Art Museum, so at least they could visit there).
By 1983, times had changed. I believe that was the year that I attended a rally for BJU at Bethel Baptist Church in Schaumburg, Illinois. At that time, the IRS case to strip BJU of tax exemption, because of their ban on interracial dating, was before the U.S. Supreme Court. Pastor Frank Bumpus stated that if BJU lost the case, then churches such as Bethel Baptist might be stripped of their property tax exemptions. (That hasn't happened to any widespread degree anywhere). One of the speakers at the pro-BJU rally was a black male BJU student who assured us that he had been treated well at BJU and had experienced no discrimination there. His appearance at the rally was featured on local Chicago-area TV news. So, at that time, blacks could now attend BJU, but interracial dating was still banned (at least, it was banned if one of the partners was black).
Well, the rest is history. BJU lost their case at the Supreme Court and they lost their tax exemption for many years. In 2000, Dr. Bob Jones III told Larry King that he was ending the BJU ban on interracial dating - he said that the ban was never really very important to them, which raises the question, if it wasn't important, why did they take it all the way to the Supreme Court? I believe it was understood that the ban, while in effect, did not apply to whites dating, or marrying, Asians. I remember a white-Asian mixed couple coming to our church on deputation as missionaries for Gospel Fellowship Missions, a BJU-associated missions board - I think they were BJU grads.
I am no expert on racial policies at Southern colleges in the mid 20th Century, but I suspect that almost all colleges in the South at that time had policies that today would rightly be considered racist (consider Old Miss, Oxford, Mississippi, in 1962, for instance). BJU held on to their outdated (and unscriptural) racial policies longer than most other Southern colleges did.