I agree - $125 is way overpriced. Try TaskPoint http://www.taskpoint.com which is highly customized SaaS fork of popular open source package Redmine and was MassChallenge finalist last year.
You can get through even with 0 votes from general public and 0 endorsements BUT if you cannot sell you idea to people to make them vote for it on the web site chances are that you would not be able to sell it for money, think about entry form as kind of MVP for your startup.
With endorsements entry fee can be waved, we paid nothing to enter last year because of endorsements. If you think you have a good idea write to me at ib [at] taskpoint.com and I will give you diamond endorsements 8 points and $50 off application fee.
I would say you will get probably the best line up of mentors you can get on the East Coast. We were one of the finalists last year (TaskPoint) and I cannot overestimate experience and publicity we got out of it