It could be, use this look up tool if the serial number is on the left dropout (near the rear axle). The sprocket isn't Schwinn though, but for 60 bucks, it looks like you made out well.
It looks like original paint on the fenders, they repainted the rest from the looks of it. The rims look like they were painted silver, are they chrome or white underneath? Assuming it is an original bike, that would help ID the model. There are only a couple straight bar framed bikes those years, so it shouldn't be too difficult. The name may still be on the chain guard under the repaint. No holes for a headlight on the front fender either. Possibly a standard Schwinn, D-12, although it has the smaller chain guard, it looks closest to your bike.