The Collaborative International Dictionary of English v.0.48:

Classman \Class"man\, n.; pl. Classmen.
   1. A member of a class; a classmate.
      [1913 Webster]

   2. A candidate for graduation in arts who is placed in an
      honor class, as opposed to a passman, who is not
      classified. [Oxford, Eng.]
      [1913 Webster]