Google Summer of Code is a global program that offers student developers stipends to write code for various open source software projects. Since its inception in 2005, the program has brought together nearly 2500 successful student participants and 2500 mentors from 98 countries worldwide.
Google is now accepting applications for Google Summer of Code 2009. Students can choose from 150 Free and Open Source software projects, in technical areas as diverse as gaming to humanitarian efforts to operating system design. All accepted students will be paired with a mentor from academia or industry and will receive coaching in all aspects of software development over the course of their three month coding project. Successful students will receive a stipend of 4500 USD for their participation in the program.
Check out the program Frequently Asked Questions and the extensive set of resources for student applicants on the program wiki, then talk to your prospective mentors about your ideas.
Google would be accepting student applications till April 3, 2009