So, turns out I spoke too soon. I took a closer look at some of the components on the bike today and this is what I found.

-The bike's serial number is 164847, which is 1984 as per the trek vintage site.
-The bike has a Regina Extra 7spd freewheel 13-24
-The front derailer is a fd6207 shimano 600.
-The crankset is a 52/42 170mm no-name crankset
-The rear derailer is a rd6207 shimano 600

I'm open to changing the crankset or the freewheel or whatever I can to help with the hills, but I need to keep it under $50 or so, is this even possible? I certainly don't want to be biting more than I can chew. College student = tight budget

Btw, here's a pic