Banks are being lent huge amounts of money at 0.5%
1/2 % reduction is a joke, a true travesty, but still moving from a variable to current minus 1/2% may be worth it. Current interest rates are anomalous and if market forces predominated they'd move much higher. Eventually, though I cannot say when, I believe they must move upwards.
Were I in any variable rate interest loan, I'd be very, very nervous so I'd say moving from a variable if you are in one to a fixed rate would be well worth it even if the reduction is only 1/2%.
Btw, my student loans carry a rate of 1.625%, consolidated many years ago. Oddly in 2003 I stood up in my nursing class and told all my fellow students to make sure that at least one semester loan came from a 2nd lender--any bank would do. Same loan, same terms. All of them including me had gone with the state lender. But if all your loans come from one lender then you could not seek consolidation and were stuck with the state lender. Since I went with a different vendor for one semester I could seek secondary vendors and did moving from a 7+% fixed to the 1.625%. Others are not and I know that one person with the same loan amount now pays over $700 per month and I pay $106, though the monthly payment will rise next year. So it is well worth researching everything that you can about student loans.
For the inevetable doubters about the 1.625, this copied from Sallie Mae's: manageyourloans.com/MYL2/loanSummary
They did it once...now with Helicopter Ben's trillions they're doing it for the banksters, but not for hard working graduates!