Looking for a positive effect of the negative economic news? Admission to certain private schools -- especially those just one rung below the most elite ones -- has suddenly become easier.

Interestingly, the sheer demographics of college entrance are working against you at this time -- this spring's graduating class of high school seniors will be the largest ever.

But there are actually 2 economic trends working in your favor.

First, applications to private schools are down, especially among those whose parents might have footed the bill prior to the economic meltdown. Second, the colleges' own endowments in the stock market, real estate and hedge funds took a beating. That means there's less money for operating costs...and they need you desperately.

Suddenly, you may now be seen as a competitive applicant for a certain school even if you weren't before.

Clark recalls a similar episode from his own life. His application for Georgetown during the fall semester of 1973 was rejected, forcing him instead to go to American University. But the following year, amid the economic troubles of the mid-1970s, the consumer champ was reading the now-defunct Washington Star…and there was an ad with a coupon to apply to Georgetown! It had become that easy.

We are once again in that kind of era today. Even with the huge bubble of graduating seniors, there will be a lot of space at private schools because of the economy.

The only remaining question is what's going on with financial aid once you get accepted!