As has been said, not the end of the world by any means. I got turned down in my first year, but reapplied the next and went on to have 3 extremely successful years out at Woodvale.
One friend of mine was turned down at his first try, only to get on the following year and is now the Senior Student.
And, incidentally, we had a Bursar join the sqn recently who was still so heavily involved with their ATC commitments that they never turned up to sqn activities and was chopped within a matter of months.