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Refinancing student loans is often treated as a milestone: Your income goes up, your rate goes down, and you move on.

For high earners , especially physicians and other professionals early in their careers, that moment tends to come quickly. And that's exactly where the mistake happens. Most borrowers don't refinance at the wrong rate.

They refinance at the wrong time.

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The appeal is obvious, and that's the problem

Once your income crosses a certain threshold, refinancing feels like a straightforward upgrade. You qualify easily.…