1. What's the interest rate on your loans like?
2. Are they subsidized (i.e., do they accumulate interest while you are in school)?
3. How likely do you think you are to find a job where the salary will cover your loan repayments upon graduation?
If the loans are higher than 3-4% interest and unsubsidized, I would prioritize keeping the loan amount low and put most of your earnings towards that. However, if the loans don't start accruing interest until you graduate, I'd consider investing it *somewhere*, even if that somewhere is a no-risk choice like a CD ladder, then using the savings+interest to pay down the debt quickly once you graduate.
The other factor is what your financial situation might be like when you graduate. i.e., if you are studying engineering or science, where at worst you can probably get into grad school and earn $20-30k/yr as a TA/RA (and at best you will land an actual job earning quite a bit more), you can probably afford to be a bit more of a risk taker, because you probably won't desperately need the money when you finish. If you are studying something where the job prospects are more grim, or you expect to have constraints on your job search (for example, you'll need to live in a particular location), you're more likely to need to fall back on savings for a while and so you should probably be more conservative in your choices.