Short essay - financial aid scholarship; why i need this; to reduce my loan amount.

I'm applying financial aid scholarship from my college, in the application there is a section to explain why i need this scholarship, which makes my application to consider fro scholarship ...etc. I want to explain them in short, that i got education loan to cover my education cost, if i get scholarship how helpful to me to reduce my loan amount.

"Use this space to explain any unusual expenses, other debts, or special circumstances that the institution should consider when it is deciding how
much financial aid, if any, you will receive. Use additional sheets of paper if necessary."

I have applied for, education loan from nationalized bank in my country for $xxxxxxx with interest to cover my education cost. And my parents are sponsoring $xxxxx from their savings for my educational expense, the scholarship will be very helpful to me to reduce my education loan and its interest. I am hopeful to become one of your scholarship recipients, so I can continue my education to become an Animator in the future.

Can anyone please correct my statement? This scholarship is very important to me and please help me out. Thank you.

I have applied for (no comma)an education loan from nationalized(is this the name of the bank? If so start with capital letter) bank in my country for $xxxxxxx with interestpayable in ??? months with interest in order to cover my educationthe cost of my education.And myMy parents are sponsoringwould sponsor $xxxxxx from their savings for my educational expense, theThis scholarship will be very helpful tofor me to reduceease off the burden of my education loan and its interest.

Thank you Pahan for you help and i have edited as you mentioned above,also changed scholarship to financial aid.

"I have applied for an education loan from HSBC bank in my country for $xxxxxxx payable in 180 months with interest in order to cover the cost of my education. My parents would sponsor $xxxxx from their savings. This financial aid will be very helpful for me to ease off the burden of my education loan and its interest."

Once again thank you Pahan

"As my education expenses are aided by an education loan sum of $$$$$ from a nationalize bank in my country, and $$$$$ sponsor by my parents to fulfill my expenses. This scholarship from the university would make a huge difference for me and I'm looking forward to it."

or

"I have applied for an education loan from HSBC bank in my country for $xxxxxxx payable in 180 months with interest in order to cover the cost of my education. My parents would sponsor $xxxxx from their savings. This financial aid will be very helpful for me to ease off the burden of my education loan and its interest."

Please help to me make this best and sensible, Let me know which one makes sense and please feel free to correct it !

Thanks