My M Audio M Track was $139 Australian (probably under $100 street value in the USA). The pre amps are entirely useful and streets ahead of the quality I'd get plugging a mic straight into my onboard Realtek sound card.
As others have said, if you're only using MIDI then you can get away with the onboard. Monitoring won't be idea but, at the same time, this doesn't change what you've recorded, just what you're hearing.
However, as soon as anyone wants to use a microphone (or just improve monitoring) an Audio Interface is an excellent investment.
Reasons to use a "proper" interface rather than an onboard sound card:
1. The interface will have connectors that allow you to connect a wide range of other gear (mics, line sources like electric pianos and synths, monitor speakers, etc.) without lots of (likely to fail) adaptors.
2. An interface will provide phantom power allowing the use of condenser mics or active DI boxes for guitar, again without spending money on a power supply and adaptors.
3. (A biggie). The noise floor with any decent interface (including my cheapie M Track) will be significantly lower than on onboard. Anything recorded on my Realtek has a noise floor in the -58 to -60dB range, i.e. easily audible before you even add and mic preamp gain. Any interface worth considering will have a noise floor of around -85dB. (i.e. inaudible).
4. (Another biggie) Any half decent AI will have significantly more headroom before clipping.
6. Any AI worth considering will use ASIO drivers for much lower latency.
7. Any decent AI will feature "direct hardware monitoring" allowing you to create a headphone monitor mix without a round trip through the computer,
8. An AI will give you physical knobs for functions like adjusting levels, rather than having to do software adjustments on your computer.
I'm sure there are others I'm missing but, frankly, although you CAN get away with using an onboard sound card at the most basic level, it's a case of "any damn fool can be uncomfortable". Even a basic interface makes so many things easier and better that it's a false economy not to just buy one.