Google Summer of Code 2011 is accepting applications. This is a great initiative I have highlighted previously: Google Summer of Code 2009, Google Summer of Code 2008. The deadline for applications is April 8th.
Google Summer of Code is a program that offers student developers stipends to write code for various open source projects. The program has brought together over 4,500 students with over 300 open source projects, to create millions of lines of code. Participants (including students and mentors) have represented over 85 countries. The program, which kicked off in 2005, is now in its seventh year.
Participating organizations include: R Project for Statistical Computing, Debian Project, WordPress and the Marine Biological Laboratory. (9 of the 175 participating organizations list Ruby as part of their project :-).
For 2010 the effort had a budget of $5,000,000 and accepted 1026 students partnering with 150 Open Source organizations. This year they plan on 1,150 – 1,200 student positions. For 2007 they had 6,200 applications and 7,000 in 2008. I don’t see any data on applicants for 2009.
As for the application it should include the following: your project proposal, why you’d like to execute on this particular project, and the reason you’re the best individual to do so. Your proposal should also include details of your academic, industry, and/or open source development experience, and other details as you see fit. An explanation of your development methodology is a good idea, as well.