Would this be correct?

[kohlrak]

Would "the study of the french language" (or "frech class") be "仏語学"?

[undrentide]

Would "the study of the french language" (or "frech class") be "仏語学"?

Not incorrect but フランス語学 is far more commonly used.

[pipokun]

My friends and I actually used フラ語, furago, for our French class.
フランス語 or フランス語の授業 will do for your French class.

[KeLW]

but then again, ain katakana used for borrowed foreign words?

[kohlrak]

WEll, when you lookup things in a kanji dictionary, some readings are in hiragana and some are in katakana. I don't know of the katakana reading is used to say chinese reading or if they actually have some foreign usages for kanji.

[umbaba]

フランス語の授業　フランス語の勉強 are convincing.
We do understand 仏語学 too but it is not commonly used.
Using Katakana like this is normal when it is originally from foreign language.