DO IT.
You're fucking 17 man. This is what life is about. Your parents wanting you to focus on other shit is frankly weird. A healthy sex life is incredibly important for emotional and physical well-being. To be as successful in life as possible, you must have stable, fulfilling relationships as well as a career, financial stability, and so forth. Hell, if you're parents hadn't been having sex, you wouldn't even be here! (You're welcome for that mental image

)
I would recommend getting David Shade's "Give Women Wild Screaming Orgasms" so you can make your first time as awesome as possible for her and for yourself.
As for emotional baggage, that's more the GIRL's problem rather than yours. If she wants to do it, then go for it. Nobody's saying you have to fucking marry her just because you guys had sex. It's just sex. I know it seems like a huge deal now, but it's just something people do. It's totally natural, normal, and fun!
USE A CONDOM