Scared Ivy kid with no where to turn....

So I'm a junior at a target Ivy majoring in business/finance. The thought of this whole banking recruiting process fills me with adrenaline, but also sucks the life right out of me. This season I applied to a few top BBs for IBD, but I knew IB would be a longshot for me considering my low-ish GPA of 3.4. I have some good leadership experience and yada yada yada, but so do all these monkeys-in-training at these interviews. Needless to say, got no call-backs except for one particular BB for middle office Finance work. I was reluctant to dive into that part of the investment banking world considering what I've heard from people like you all on this board that if you want front office, you have to be there from the beginning. After research into the position I realized that the finance people at this particular BB work very closely with traders, which is of great interest to me moving forward.

So, I shalacked the first round interview and was immediately set up for a superday. Folks this was my first superday and it didn't make it any less scary that there were math tests and group interviews, stock pitches, and the whole nine. Needless to say, I think it went very well. I connected with my interviewerss and from what I gathered, I was getting a lot of positive feedback. A week passed and I got a call from HR saying that they can't extend me an offer at this time but I'm still being considered for the job. There was a reference to changes in the intern programs, probably meaning downsizing due to their horrific write-downs. I really want to work for this place, plus I'm in a humongous bind because its junior year, its March and summer is right around the corner, and I have zero offers. I'm starting to like a waste of higher education seeing as my college's prestige isn't helping me much at this point (although I don't expect it to). I'm definitely making excuses for myself which is not good.

I really want some input as to what I should do now. Do you think this "waiting game" that HR told me was going to happen can actually end up in me getting an offer? What can I do now in terms of applying to other places? Should I start cold calling banks? My college career network has new postings all the time so I'll be pursuing those, but I'm looking for a quality internship that will advance my career and allow me to use my skillset. What are your oppinions?

Please help a scared Ivy kid out