I had almost the same experience as you, except I did have a job offer prior to graduating in Dec. 2007. Initially, I was planning to apply after passing my NCLEX, except my classmate convinced me to go for an interview since she said that it would be harder to find a job after graduation. Unfortunately, I didn't pass my NCLEX. I emailed my night NM and he said "not to worry, to let him know when I would take the NCLEX again".
I took my time while working at my other job and passed my NCLEX in June '08. After I passed, I immediately contacted him by email, left messages with the day NM as well as voicemail, and spoke with the recruiter (I even went to the Open Houses) until I was able to finally get a hold of him and get a "second interview". He stated that there would be a New Grad Program coming in August, but "wasn't sure" of the dates and that he was going to let the recruiter know about me since there were openings still available. The recruiter said that there were no openings and he didn't have any applications about me. In other words, they were giving me the run around.
A few days after, I had found out from a Nurse Practitioner working at my clinic that her daughter was going start the New Grad Program that August at the hospital I had applied. She had recently graduated from a 4-year university and passed her NCLEX. This was after they told me that there were no openings available. This was a big blow to my ego, since I was struggling to get my foot back in the door and I felt like I was begging for them to take me back. It was a time where a lot of New Grads were trying to apply, so I can understand the competition between a recent grad and somebody who graduated 6 months ago. After four months of applying everywhere I finally found a job at a clinic, while taking a refresher course so I wouldn't forget my skills.
Just be patient. Sometimes things happen for a reason. I realized that I wouldn't want to work at a place where the NM wasn't honest enough to tell me, "I'm sorry, but at this time we don't have any positions available" instead of just giving me false hopes and giving me the run around. Unfortunately, there is a lot of politics everywhere especially in the healthcare system, but this experience had taught me humility and patience.