Final answer:
The medication that should be administered first is corticosteroids to reduce inflammation and alleviate stridor and retractions.
Step-by-step explanation:
In this case, the student presents with symptoms of fever, cough, increased work of breathing, alertness with stridor and retractions, and pulse ox reading of 94%. Given the symptoms, the medication that should be administered first is corticosteroids. Corticosteroids can help reduce inflammation and alleviate the stridor and retractions seen in the patient. This medication can be administered either orally or through intravenous (IV) injection, depending on the severity of the symptoms.