<human>: Hi everyone. I'm in the opposite situation of most college students. I am a freshman in mechanical engineering with a minor in lubrication. Due to my minor, Chevron has hired me for a summer internship. It pays extremely well, and between that job, scholarships, and the federal pell grant, I will have about $2,400 left over after 12 months of expenses (rent, books, food, etc). Should I use this extra money to start paying off my federal loans from 2014-2015 or should I continue adding to my savings fund (currently have $2,000)?

Basically, I am trying to find out if it is smarter to have a large emergency fund or to reduce my loan balances. My loans have no interest until after I graduate, at which point I pay 5% interest. I have $5,500 in student loans from 2014-2015.

Can you succinctly summarize the text in 1-3 sentences?
<bot>: As a college student, should I build a large emergency fund (~$4500) or should I start paying off my no-interest loans from previous year?