How do you decide between a fixed rate loan and a variable rate loan?

I was recently offered two student loans that I intend to hold for a long time (10+ years). They are nearly identical in every way, except that one has a variable rate and one is fixed. Right now, the variable rate is lower than the fixed rate.

How do I choose between the two loans? In other words, how much lower than the fixed rate does the variable rate need to be before it becomes the wiser choice?

No one has really answered the question so far. I’m not asking which one to choose. There’s no way for answerers to know the answer to that, because I haven’t told you the specific interest rates. Rather, I’m asking HOW to choose.

Obviously, if the variable rate is currently 2% and the fixed is 15%, you should choose the variable. But if the variable is currently 2% and the fixed is 3%, you should choose the fixed. But where is the break-even point?

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