What is this "AdCamp Application Fee" and how do I take care of it?

I cannot figure out if it's a fee I need to pay, nor can I edit it to say something different.

My apologies, I am not quite sure what you are referring to.  The payment field in your form does have two products.  You can edit or remove those products by clicking on the payment field, then clicking on the little magic wand icon next to the field:

Edit or remove the products from that menu.  If you wish to remove the products all together, simply delete the payment field.

If this is not what you were referring to, please provide a bit more detail and we will be happy to help.