Its an ok bike, but probably Hi-Ten, 1020 or some other low grade steel. The crankset looks good in that it it doesn't have the integrated (I think) outer chainring like a lot of these bikes had. Rims look steel, plan on replacing those unless you're ok riding brakeless. I would almost say for a college bike, get it and ride it as is. I don't feel that converting it gains you much. Ride as is until something brakes necessitating a conversion... it will probably run as-is forever, though. Friction shifting and a 5spd setup = nearly bulletproof.