I do nto know how to politely and politically put this - but anywhere from The university EAST will be a good area. Unfortunately - it just is what it is.
From the university, check out the areas along Eastern Parkway, Audubon Park over to Bardstown road, the Highlands, to Cherokee park.
I still maintain that Atherton High School is one of the best public schools in Louisvile, along with Dupont Manuel - very close to the university. They have a wonderful arts program, and have a spin off called the Youth Performing Arts school.
All of these can be found with a google search.
Louisville in general is among the big cities with a lower crime rate - but things happen everywhere. Most neighborhoods have a neighborhood watch - and getting to know your neighbors immediately will help.
I would suggest visiting before you make a choice, find a realtor to take you around -
http://www.louisvillerealtors.com/ - and knock on the door of neighbors around the home you are looking at. They should be more than happy to clue you into the neighborhood situation.
Word of mouth from those who live there is valuable info.
You will have great success here - with the schools and living - just check out the job market in your field of study to see if this is where you permanently want to remain. It's been a little dry lately, but hopefully '07 will bring a brighter future.
Good luck - hope the info helps.
KimmieyKY