A Yale organization to aid Southern students participating in segregation protests is raising $500 to help free five high school students. The students were sentenced Sept. 8 to four month prison terms for sit-in demonstrations in Macomb, Miss.

James R. Turner, administrator of the Yale Freedom Fund for Southern Students, said yesterday that his group is only $60 short of its goal. Combined with contributions from the National Association for the Advancement of Colored People and other civil rights groups, the Yale donation will help pay the $5,000 needed for appeal bonds for the five students.

The five--four 18-year-old boys and a 15-year-old girl--were each convicted on two counts of a new Mississippi anti-integration law which permits arrest of anyone whose presence might incite others to breach of peace.

Two of the boys were arrested at a Woolworth store, and the others at a Greyhound Bus depot after they had failed to heed advice from the Student Non-Violent Coordinating Committee to protest at a state institution instead of on private property.