That's correct, you can do it if you want. However, that's why we give you the advantage to renew your form, in order to ease your paperwork.
Another question I have is how do I know if my aid has been paid out. Is it also necessary for me to sign a promissory note?
Yes, you should expect to be required to sign a promissory note and go through entrance counseling.
I thought so. And what is this SAR I read about?