Commute to school? Where? This doesn't look like something good for commuting.
$500 dolars can buy you some great used mountain (MTB) or hybrid style bikes. A MTB or especially a Hybrid will give you a more upright sitting position so you can see what is going on around you better. They have fatter tires for a more forgiving ride, and you ride them on grass and gravel easier. with a MTB or hybrid you can more easily attach racks and fenders.
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“One morning you wake up, the girl is gone, the bikes are gone, all that's left behind is a pair of old tires and a tube of tubular glue, all squeezed out"
Sugar "Kane" Kowalczyk