There's nothing inherent in your bike's design that would preclude it from making long-distance rides. Assuming the tires, tubes, and mechanicals are all road-worthy, it's ready to go. Getting yourself ready will be the main task.

OBTW: the folks you see with the newer, more expensive bikes have them because they can - likely they're not college students. If they are faster than you, it's not because of your bike. It's that "novice" part. :-) The good news is that you'll only be a novice for a few training rides before the big one.