Evergreen has a good point. English class is probably the only place it should be allowed, and even then, it should be acknowledged as a book, no different from Catch-22, and not as the definitive word of God.
Without its religious context, the Bible is not very useful for study. From the Gutenburg Bible, to the KJV, to missionaries in China, the Bible has been at the center of Western history and civilization. It didn't become that way because it was a good book, it became that way because the majority of Western civilization believed that it was
the Good Book. Of course, I believe that study of the Bible in public schools should be from a secular perspective, but its religious significance should not be downplayed, even in secular study.
Public colleges routinely teach about Christian philosophy, scripture and history in an intellectually honest manner without preaching. I don't see any reason why public schools could not do the same.