Ask The Readers: Student Loan or Savings

I am currently paying $500 every month into my student loans.  I am in the deferment period, which means that my loans have not “priced” yet.  I am not required to make any payment at all.  Whatever balance is outstanding at the end of the six month period will be amortized to create my future monthly payment.

I don’t have a whole lot in my cash savings account.  I am keeping myself on a tight budget to pay down my student loans as rapidly as possible.  At the current rate, my loans will be completely paid in two years.  I have about enough saved for two months of expenses at my current spending rate, which could be lowered if needed.

I am required to begin paying the loans in September.  Should I keep paying the $500 per month until September and then make the minimum?  Should I save up now while I can and start making higher payments when I have more put away?  Should I do something completely different?

What do you think, save or pay off the loans?  Please give me your thoughts in the comments.