there is a 5000 word limit for the essay.
Are you sure you don't mean 5000 character limit? 5000 words is almost 20 pages!!
If you have room to add more, do so. You should probably have a paragraph for each question they asked.
Which ever the individual prefers, s/he would accomplish their goals based on that choice. As for me, going to Central would significantly benefit my academic goal which is to become a better student that would ultimately prepare me for my future career. --- this does not really say anything. Your first few sentences do not say much about what you want to do. You should rewrite this so that your first few sentences tell the reader about your theme, your life, your plans.
Right now, the first few sentences talk about the idea that people have different preferences, but instead of this, you should introduce a theme for the essay -- a meaningful observation you make about life and school, etc.
I look forward to seeing your next draft! :-)