The American gave himself hope of reclaiming his card when he shot 12 birdies on the par-70 course at the PGA Catalunya Resort earlier in the week.
However, a subsequent 78 on Wednesday and a final-round 72 on Thursday left him on two under par for the tournament and 56th on the final leaderboard.
Mikko Korhonen won the title to become the first Finnish victor of the six-round contest and was one of 27 players from 12 nations to earn a place for the 2015 Race to Dubai.
Korhonen, who made it through Qualifying School for the third straight year, said: "It feels fantastic. It's the first win of my professional career, finally. I haven't challenged for the win very often in my career but it feels absolutely amazing."
Renato Paratore was on course to become the youngest ever winner of the competition when he led going into the final 18 holes.
However, he endured a difficult finish and eventually finished third behind Ricardo Gonzalez, who fell just short despite a late charge.
Paratore's consolation is the knowledge he becomes the third youngest player in Qualifying School history to earn a card.
"It would have been nice to have won but the card is like winning for me,” he said. "I'm really looking forward to playing in all of the big tournaments with the best players. I can't believe it's happened so quickly."
Englishman Matthew Fitzpatrick, who turned professional earlier this year, was among those to qualify, while India's Anirban Lahiri is set for a maiden season in the Race to Dubai.