I googled the company and found its website is http://www.scholarsatyourservice.com
I would not say it is cheating as they may use the $500 to train students to do painting, lawn caring, window washing, hardwood flooring, Auto detailing, etc.
If a student is really interested these work, it is OK to have a paid training and then earn some money; if it is just for money, I would suggest to get a part time job directly. There are many part time jobs out there for students.