Canon EOS 60D adequate for feature film?

I am a current film student and the best camera my department has is the Canon EOS 60D. I have been toying with the notion of spending the spring semester making a feature film (a suspense thriller), but the 60D is a slightly older model and not a professional video camera.

Is such a camera adequate for making a feature film? Will the fact that I'm using this sub-professional piece of equipment hold my film back from being profitable/being accepted into film festivals?

Your advice is greatly appreciated!
 
I would advice to spend extra money to audio gear and mixing, not a new camera.

If you want to get to film festivals, then proper 5.1 mix (for thiller) is way more important than the camera you use.
 
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