As a freshman, I have not been to all of the NOLA festivals yet; however, I loved Fried Chicken Festival in September, and I am very much looking forward to Crawfest in the spring!
If I am in the mood for food, Magazine St. and Maple St. are definitely the way to go. Music? Frenchman St. is a great, more "jazzy", alternative to Bourbon St. An afternoon on The Fly is also a very great spot to relax by the river with some friends.
The students -- the real Tulane experts -- rave about the school and enjoy every aspect of it from the classes to the social scene to the New Orleans culture. Unlike any other school I looked at, there is a unique atmosphere on and around campus. I wouldn't want to be anywhere else.
As a business student, I am a little biased towards my Macroeconomics Professor, Anthony Balthrop. He keeps the entire class engaged and challenged, and hosts office hours every weekday so students may get to know him and get extra help. Thanks to Professor Balthropm I never have an issue waking up for his morning class.