Google Summer of Code has been around since 2005. In the program, Google partners with open source software projects and technology-based groups to fund students interested in working on real world software development for three months. Students gain good experience and advice from mentors. The organizations get specific projects or features developed while increasing the developer base for the open source community.
Students 18 and older are able to apply for Google Summer of Code projects and over 1,000 students participate each year with hundreds of organizations from around the world. Google provides a $6,600 stipend to the student developer.
You can learn more about Google Summer of Code from the GSoC page. The site offers a timeline of Google Summer of Code milestones, how it works, archives, and other resources.
You can view the accepted organization with their proposed projects. Students accepted to their mentoring organization will be announced later this week. You can see the list of organizations from that page of the GSoC site. You can look forward to the enhancements in some of your favorite open-source projects including Git, Discourse, Drupal, Fedora, and many more.