The problem with the bike you have now (I know I had one) is it is very heavy and it has components of poor quality. So, once you get it loaded with stuff, it will be very difficult to ride, and you'll get quickly disouraged.

You are better off buying a used high quality touring bike, than trying to make due on this one. However, I just gave my raleigh SC to my daughter. Its a great college bike for a young adult.