Google's Summer of Code is coming back!

SummerOfCode - PythonInfo Wiki

Google's Summer of Code provides US$4,500 to university students of any level to complete open source programming tasks over the summer. Once again the Python Software Foundation is looking for mentors to participate and help a university student learn how great it is to work on open source software while helping out the Python community.

If you are interested in being a mentor, follow the instructions on the wiki page. If you are a student, look at the ideas, try to come up with your own, and be ready to apply when the time comes (registration open May 1). And if you just have an idea for a project (remember, suggestions should be doable within three months by a university student), please add it to the wiki.