Can someone tell me what kind of bike I have? Classic Schwinn?

It looks exactly like the 70's Schwinn Suburbans, but mine is a single speed with coaster brake.
Look at these pictures for reference: http://velocipete.blogspot.com/2007/07/p...

the guy that answered your question first was a little off, way off actually. bikes like that are very popular now, i think there awesome and have three that are similar, one is a Schwinn collegiate which i am thinking is possibly what you have , they did come in fixed gear as well as 3 and 7 speed. you definitely can find alot of these bikes on the road and even more in garage sales but unless your ignorant you should realize that in another few years that wont be the case, a 1970's Schwinn in good condition is worth between 100 and 150 bucks in poor condition maybe 25 to 50 . give it a few years and they will be worth three times that. hang on to it.

Well, I am not too sure whether I would call it "classic"- but old, yes- vintage, maybe- collectible, probably not.

The single speed version can be one of 3 models. The Racer was available in 1, 2, and 3 speed and was usually black. The Collegiate was available in 1, 3, and 5 speed and usually brown or blue. The Breeze- a womens model- was typically available in red.

There are still literally millions of those bikes around, and I am sure many thousands of them are still used on a daily basis. Walking around flea markets (boot sales to our British friends) they are common enough that an example in good shape brings under $50.

I have a couple of them myself, and my daughters learned to ride on a 20", then a 24" version of the Breeze.

EDIT... Twist, you are the one that is way off. 7 speeds didn't show up until at least 1990. The askers bike is from the 70s. The Collegiate, to my knowledge, was discontinued in 1988 which might have ==just barely== made the 7 speed years but I doubt it. I suppose you didn't read my entire answer since I said EXACTLY what you said, just more succinctly with more detail. On top of that, I never said that they weren't popular- only that they aren't expensive and are definitely not considered collectors items. Go ahead and try to sell a single speed lightweight Schwinn for more than $50. I dare you.