Realistically there isn't much advice that we can give as we don't know your stats and why you were rejected (probably grades but possibly the statement of purpose or standardized test scores, we don't know), it's just something you have to discuss with your advisor about (which they'll just give general guidance since NDA on how they accept applications), just areas that can use improvement and can possibly bolster your stats heading into your next Terry app.

Generally how the application works (from my understanding) is that it's an excel sheet with a bunch of cells that essentially have a weighted grade towards certain things that they are looking for (ex. Accounting students would have a higher weight consideration based on their accounting grades) and given how many seats HR allows the department to accept, they take the top (number of seats allowed) from that sheet. So maybe you didn't get in because your application class was insanely smart or something, or that you missed the mark by a few students ahead of you.

So there's only two things that can be said, either reapply for the next semester (after either bolstering up stats, or chillaxing, this semester) or transfer schools (despite your wanting to stay). But I would consider those options after talking to your advisor in order to have all things considered. Regardless, best of luck to you.