Help for Recent Undergrad

Hi,

I graduated from Undergrad Business School in May of 2006. My school's undergrad business program is in the top 25 in the U.S. (not ivy league). I planned just stayed at my part-time job in the hospitality industry that I've had throughout college for a while. I am now ready to begin my career.

I want to get into Investment Banking, particularly in structured finance (Asset Backed Security issues, etc.). In college I had a couple internships, one of which was in a small, boutique investment bank originating these kinds of deals. I learned a lot and found it very interesting.

I am just now applying for new analyst positions on the bulge bracket firms' websites. I know that I am past the recruitment deadlines for most of them.

My question is what are my chances at this point of any success? What is the best approach to getting into this field? Would they take me as a summer analyst even thought I'm not student anymore? How do I communicate my situation to the firms? In the Cover Letter?

Thank you for your advice!