Think like you just met someone in a bar. You have about 30 seconds to one minute to tell your story before they lose interest...GO! Prioritize your story. Be honest. Honesty = best policy. People never think their story is really interesting since they lived it, but as an example, explian how every network carries highly-rated reality television. A well-told, prioritized, and confident story which does not ramble will suit you just fine!
Best of luck on your interview! Practice on your walks to class, in the mirror in the AM, or in your car.
BTW...in telling about yourself, you shouldn't mention ANYTHING about applying to or not applying to other schools. Does applying to school REALLY tell your life story? They want to know about YOURSELF, not your application status. Ultimately, although you may wish to expand on questions to relate to your passion, in the end you STILL HAVE TO ANSWER THE QUESTION.