Google is running their 2nd annual Summer of Code, and this year I've decided to apply. Once again, Drupal is one of the mentoring organisations, and I have submitted two applications to participate as a student in the program with Drupal. I've set up a wiki for publishing documents and other materials relating to my involvement in the program, and I've already posted my two project proposals / applications on this wiki.
The Summer of Code is an extremely competitive event for students to get into: with USD$4,500 and a whole lot of prestige to be gained (plus a really cool t-shirt), it's hardly a surprise. If I am accepted as an SoC student with Drupal, I will be very happy! Hopefully, my applications will be received warmly by the mentors in charge - I've already received some positive feedback from a few mentors. And, needless to say, my experience and my committed involvement with Drupal over the past year is sure to raise my chances of getting in.