An excerpt from their announcement below:
This will be the 7th year for Google Summer of Code, an innovative program dedicated to introducing students from colleges and universities around the world to open source software development. The program offers student developers stipends to write code for various open source projects with the help of mentoring organizations from all around the globe. Over the past 6 years Google Summer of Code has had 4,500 students from over 85 countries complete the program. We are excited to announce that we will extend the scope of the program this year by targeting a 25% increase in accepted student applications as well as accepting a larger number of mentoring organizations. Our goal is to help these students pursue academic challenges over the summer break while they create and release open source code for the benefit of all.
Full link here
The presentation detailing the entire structure of the program and statistics for previous years is given at the below link:
Feel free to go through it and check out the SoC site for list of organizations, IRC rooms to discuss with possible mentors and peers and previous years projects. Feel free to email me on firstname.lastname@example.org if you have any related questions.