Another point of view
Wow, that was a long one! I lost my love for the Schwinn bikes a very long time ago. As a child I only owned Schwinns. The last one I had was a Schwinn 3 speed that got stolen when I was in high school. I quit riding bikes for a while but decided I needed a bike for going from my apartment to the college chemistry lab, a distance of about 5 miles. When I went looking I came across two bikes, a Schwinn Varsity and an Italian Fiorelli 10 speed. Both were $100 and I chose the Fiorelli. It was about 10 pounds lighter and had quality components (low end Campi). I could also use it to comfortably ride with the college bike club on their 25 - 40 mile rides. That $100 bike lasted more than a decade. I'm sure had I bought the Varsity it would only have gotten ridden to and from the campus.
More recently a friend asked me to resurrect her Schwinn balloon tire, tank type, cruiser with horn and light that she has had for decades. I think it was her one and only bike since childhood. It's pretty simple, no gears, had been stored indoors, and was in remarkable shape. I took my car and bike rack to her house and after lifting the bike decided it would be far safer to put it in the car rather than on my 3-bike rack, It weighs a ton, After I went through the bike and replaced the tires, I took it for a ride. That reminded me why I would never choose a vintage Schwinn for myself. Sadly, she never has ridden the bike as I expected because at her age and physical condition it would be a real chore. She has ridden one of my trikes so I know with a light bike she might have a chance.
There are two reasons why I would not buy one of these for a college student. It's heavy and inefficient so if the student wants it for more than local transportation you would be better getting a lighter bike with more gear choices and a choice of frame sizes so you can get one that fits. "One size fits all" is a cruel joke. The other reason is these vintage Schwinn bikes go for a fortune. Apparently there are lots of people who have nostalgia for their childhood and are willing and able to spend $$$$, A quick look at my local Craigslist shows just a couple of vintage Schwinns, There is a Schwinn Breeze for $400, a 1981 Deluxe Cruiser for $1K, and a "real bargain", a Schwinn Varsity for only $135. The rest are more modern, entry level Pacific Cycle Chinese made Schwinns. A lot of the older bikes like the Treks, Giants, and Specialized are available far cheaper, especially if half the age of the ancient Schwinns. None of the older bikes I refurbished for kids who do BSA Cycling Merit badge cost anything like that, even figuring in replacing rubber parts like tires and brake pads. I choose carefully and if somebody offers me a bike to refurbish and it isn't worth the trouble I decline.
Read the story of why Schwinn in Chicago went bankrupt. It's a bit sad. Once the Japanese began to import bikes into the US in the early 1970s it was all over for Schwinn . If you insist on building welded frames instead of the butted frames that quality Japanese builders (including Panasonic who built lightweight Schwinn 10 speeds) were using to make much lighter bikes it was all downhill.