The suit filed by Jasmin Hernandez alleged institutional indifference to her rape by a player who was later convicted.
Her attorney, Alexander Zalkin, told The Associated Press on Tuesday that agreements were reached over the weekend. He declined to reveal the terms.
Hernandez's lawsuit also named ex-football coach Art Briles and former athletic director Ian McCaw.
However, lawyers for both Briles and McCaw said their clients were dismissed from the case. Briles' attorney added that they "wouldn't pay them a dime."
A Baylor spokesman declined to comment.
Report a typo to the ABC13 staff