JIW, I suffered precisely the same fate. Sadly I was a bit of an old graduate and I was too old to reapply or apply to any other sponsorship scheme for that matter.
If you're young enough just keep reapplying and apply for all the others as well.
I felt "well s*d 'em I'll do it myself."
Now almost three years later I have 165TT, Night & Multi ratings and have sat all ATPL exams & Perf A. I am just about to go off to do my CPL/IR.
It can be done but it's a bugger. Your next step is to get a "proper job" to pay for it all and as something to fall back on.
Have a structured plan. It will come if you're patient and stubborn.
Good Luck........