The Summer of Code is Google's program designed to introduce students to the world of Open Source Software Development.There are a some open source organisations participating, like
This Summer, don't let your programming skills lie fallow...Use them for the greater good of Open Source Software and computer science! Google will provide a $4500 award to each student who successfully completes an open source project by the end of the Summer. (payment details can be found in FAQ)
By pairing applicants up with the proven wisdom and experience of established prominent open source organizations (listed below), we hope to make great software happen. If you can't come up with a great idea to submit, a number of our organizations have made idea lists available.
The Python Software Foundation (ideas)
The Perl Foundation (submission guidelines & ideas)
The Apache Software Foundation (ideas)
Ubuntu Linux (ideas)
The Mono Project (ideas)
The Gnome Foundation (ideas)
The Wine Project (ideas)
The Subversion Project (ideas)
The last date for registration is June 14. For more details visit the website.