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I have a new 199.99 Schwinn I got from Wal-Mart a few months ago.
Just the other day, a lady didn't stop for me and knocked me off my bike. The front wheel was stuck under her SUV, rest of the bike is fine. Now, it's still rideable but has a bent rim that wobbles when I ride.
Is there a way to repair by straightening it rather then replacing it?
It depends on how much the rim is bent, and if the deformation is lateral (side-to-side) or radial (in the direction of the spokes).
Take the wheel to a bike repair shop and get it evaluated. The shop may be able to true it. If it's not repairable they should be able to recommend a replacement.
As a safety precaution, don't ride the bike in the meantime.
When a metal is bent, it means it has undergone plastic deformation.
Even though it might be brought back to the original shape, its mechanical properties with respect to impact absorption are severely degraded.
The only way to restore the integrity of a plasticized metal is to use a thermal treatment known as annealing (heat it above a certain temperature, keep it for a certain time, cool it down slowly), which is going to cost more than a new rim.
Considering how critical is the wheel for your safety and the fact you say the wheel wobbles, I would replace the rim.
I agree that if the driver was at fault, she should be paying for a new wheel. But if you're stuck with paying, I'd ask around at your LBS and/or look on Craigslist to get a used replacement. You'll likely be able to find what you're looking for, and you'll certainly save some money if you find one.
