I'd vote for a hybrid bike in the $250 to $300 range. Something lighter and more "ride-able" than WalMart but not a road bike. You can get something with a lot of adjustment to the stem length/height rather than a fixed stem. You can get a bit of suspension in the seatpost. And you can beat the heck out of it on bike paths and limestone trails if you want. You won't be nervous about getting it wet in the rain if you decide to start commuting around campus. Your legs will become mighty oaks riding around on a bike that weighs a bit more than a road bike. And when you are totally in love with riding, you can dream and plan for your next bike, which, if you're like most of us here, will be more expensive!