Thats actually not that bad of a deal, at all. Schwinn gets a bad name because they sell A LOT of super low end bikes. However, because of this (same applies to mongoose, gt, ironhorse.....) they can offer better parts spec than competitors for similar or less price.
However, the most important thing would be to make sure the bike fits you right (if not, it could be the most exspensive bike in the world but still ride/feel liek crap).