I just took a look at the MS site for the ride. As others have mentioned, the $60 fee just covers the entry. There's a $350 fundraising minimum. If you click on the link register for the ride, it will take you to a page with a number you can call for more information. They should be able to tell you if there are cheap accomodations available, either at the university where the ride starts, local campgrounds or at area hotels. They should be able to tell you the logistics for the ride, too.
What should you bring: Your bike, bike gear, any food that you want for the rides (although the ride will be supported presumably), and other necessary supplies (extra tubes for instance). A change of clothes for the second day of the ride and some clothes to wear off the bike, along with your toiletries and whatnot. They probably want you to limit yourself to one bag. If you're camping, you'll need that gear, too. Travel as light as you can. They're probably transporting your bag between the starting location and the starting place for Day 2.
I've donated to various MS events. I almost always get an email from someone participating asking if I will donate. My impression is that the MS Society makes it pretty easy to raise the money. I think most people recognize that it is a worthy cause so I doubt you'll have any trouble raising the money.
Good luck!
Live with intention. Walk to the edge. Listen hard. Practice wellness. Play with abandon. Laugh. Choose with no regret. Continue to learn. Appreciate your friends. Do what you love. Live as if this is all there is.
--Mary Anne Radmacher