derp125 has contributed some good points, and as you can see, perception of Vanderbilt’s culture differs from person to person. It is good to present a variety of experiences to get the full picture.
I would say that IFC greek life is not consciously and directly racist, and its members do not think of rushes in these terms. I disagree with derp125 here, in that I very seriously doubt that the frats deviously select 1-2 “token black members” in order to purposely forestall accusations of racism.
The thing you need to understand, however, is that the greek system can be subconsciously and implicitly racist in that it is basically founded around the pursuit of styles and leisure activities traditionally associated with wealthy white people. These might include things like wearing nice brands with a relatively traditional style (vineyard vines, patagonia), or just having plenty of free time and free money to spend socializing. If you fit with the “fratty” lifestyle, and do it successfully, (there are plenty who try and emulate it and fail) you are considered to be “cool.”
Frats want cool members, so they can be a cool frat. A smaller percentage of minority groups were raised within wealthy white culture. Therefore, a smaller percentage is able to correctly espouse wealthy white culture, and therefore, a smaller percentage is considered “cool” and a smaller percentage receive bids. Minority individuals might also feel alienated by an unfamiliar culture and be afraid to participate (as Pancaked said). Basically, being black won’t keep you out of the frats, but not being able to engage with wealthy white culture can. Subsequently, some individuals feel upset that they were not able to participate in the dominant culture. Other individuals are content because they had no interest in participating in this culture anyway. It is a complex sociological knot which could have an essay written about it.
So, it would be a lie to say that there is no hint of racism at Vanderbilt at all, and this is a negative aspect. However, a huge proportion of universities in the US have social scenes dominated by greek life or other social groups based on wealth and the good ol’ boys club, so I am not sure how different it would be from other top schools. It is hard to say how it would directly affect your experience here.
Furthermore, I think it is disingenuous to say you can be completely excluded from greek life. Certain IFC frats and sororities are known to accept basically anyone who is not extremely strange or unpleasant. These groups might have a little bit less respect, but they are still a part of the system. Only the more exclusive groups at the top of the social hierarchy which are considered the “coolest” might exclude you for not being “cool” (i.e. comfortable with wealthy white culture) enough.