Theater and musical theater do not require a graduate degree…nor a bachelor’s degree. I know successful people who skipped college all together. They just started performing. Note that these two areas tend to like “young” people. So if you are 20, it’s not a problem. MT in particular leans young.
Opera (particularly high opera) leans “older”. An MM is expected. Many people take a few years off to work in between undergrad and grad to get older. It really does benefit some voices. If you went from Theater to Opera auditions…you simply may need more time with a teacher to be competitive.
If you don’t have a good private teacher, that is who you need, to decide how you move forward. You are NOT the only one to get no offer for grad school or an offer with no money. Many people have to zig and zag through this process. I hope that your teacher can advise you.
And I’m a big believer that getting out in the real world and doing some performing is just as important (if not more) in developing talent than staying in schools or programs (follow the money). Right now that is tough…but there are many theaters and companies doing online activities…and networking is very important. So there are no “everything is closed” excuses. Go online and start networking. Continue private voice instructions…and see where life takes you.