My solution makes the following assumptions (please let me know if I have misunderstood your requirements)
SequenceId is like an Identity value and represents the chronological order of student changes.
You want to find the enrollment row for each student where the SequenceId is the MAX(SequenceId) for each student where the SchoolYear is within 3 years of the initial enrollment year for that student.
SET NOCOUNT ON
DROP TABLE IF EXISTS [dbo].[Enrollments];
CREATE TABLE [dbo].[Enrollments](
[SequenceID] [bigint] NULL,
[SchoolYear] [int] NULL,
[StudentID] [varchar](8) NULL,
[ProgramID] [varchar](10) NULL,
[DepartureCode] [varchar](2) NULL
) ON [PRIMARY]
GO
INSERT [dbo].[Enrollments] ([SequenceID], [SchoolYear], [StudentID], [ProgramID], [DepartureCode]) VALUES (29735, 2012, N'9800384', N'5331', N'10')
GO
INSERT [dbo].[Enrollments] ([SequenceID], [SchoolYear], [StudentID], [ProgramID], [DepartureCode]) VALUES (33183, 2013, N'9800384', N'5331', N'01')
GO
INSERT [dbo].[Enrollments] ([SequenceID], [SchoolYear], [StudentID], [ProgramID], [DepartureCode]) VALUES (33549, 2013, N'9800384', N'5331', N'01')
GO
INSERT [dbo].[Enrollments] ([SequenceID], [SchoolYear], [StudentID], [ProgramID], [DepartureCode]) VALUES (37105, 2014, N'9800384', N'5331', N'01')
GO
INSERT [dbo].[Enrollments] ([SequenceID], [SchoolYear], [StudentID], [ProgramID], [DepartureCode]) VALUES (37810, 2015, N'9800384', N'5331', N'22')
GO
INSERT [dbo].[Enrollments] ([SequenceID], [SchoolYear], [StudentID], [ProgramID], [DepartureCode]) VALUES (29544, 2012, N'9100926', N'5729', N'01')
GO
INSERT [dbo].[Enrollments] ([SequenceID], [SchoolYear], [StudentID], [ProgramID], [DepartureCode]) VALUES (37320, 2014, N'9100926', N'5729', N'01')
GO
;
WITH YearFirstEnrolled
AS (
SELECT StudentID
,min(SchoolYear) AS YearFirstEnrolled
FROM Enrollments
GROUP BY StudentID
)
SELECT *
FROM YearFirstEnrolled fe
JOIN Enrollments e
ON e.StudentID = fe.StudentID
AND e.SequenceID = (
SELECT max(SequenceID)
FROM Enrollments
WHERE StudentID = e.StudentID
AND SchoolYear < fe.YearFirstEnrolled + 3
)
order by e.SequenceID
| StudentID | YearFirstEnrolled | SequenceID | SchoolYear | StudentID | ProgramID | DepartureCode |
|-----------|-------------------|------------|------------|-----------|-----------|---------------|
| 9800384 | 2012 | 37105 | 2014 | 9800384 | 5331 | 01 |
| 9100926 | 2012 | 37320 | 2014 | 9100926 | 5729 | 01 |
Select your desired columns from the result.