Online algorithms are usually analyzed using the notion of competitive ratio which compares the solution obtained by the algorithm to that obtained by an online adversary for the worst possible input sequence. Often this measure turns out to be too pessimistic, and one popular approach especially for scheduling problems has been that of "resource augmentation" which was first proposed by Kalyanasundaram and Pruhs. Although resource augmentation has been very successful in dealing with a variety of objective functions, there are problems for which even a (arbitrary) constant speedup cannot lead to a constant competitive algorithm. In this paper we propose a "rejection model" which requires no resource augmentation but which permits the online algorithm to not serve an epsilon-fraction of the requests. The problems considered in this paper are in the restricted assignment setting where each job can be assigned only to a subset of machines. For the load balancing problem where the objective is to minimize the maximum load on any machine, we give $O(\log^2 1/\eps)$-competitive algorithm which rejects at most an $\eps$-fraction of the jobs. For the problem of minimizing the maximum weighted flow-time, we give an $O(1/\eps^4)$-competitive algorithm which can reject at most an $\eps$-fraction of the jobs by weight. We also extend this result to a more general setting where the weights of a job for measuring its weighted flow-time and its contribution towards total allowed rejection weight are different. This is useful, for instance, when we consider the objective of minimizing the maximum stretch. We obtain an $O(1/\eps^6)$-competitive algorithm in this case. Our algorithms are immediate dispatch, though they may not be immediate reject. All these problems have very strong lower bounds in the speed augmentation model.