You failed your entrance exam for university, but it's not as though you can't go on living.
この場合、次のような言い方ができますよ。
ーYou failed your entrance exam for university, but it's not as though you can't go on living.
「大学の入学試験に落ちたけど、生活ができなくなるわけじゃあるまいし」
it's not as though ... で「…なわけじゃあるまいし」
to go on living で「生きていく」
ご参考まで!