essay length.

hey guys.
i was just wondering about essay length. i am currently at 753 words and i’m wondering if its absolutely necessary to cut down on the no of words. the application asks for less than 500 words. i’ve heard that colleges are actually kinda flexible about this so could i try just 650? my essay fits into a page.
also if i’m typing out my essay, then what shld be my font and font size?