Google announces Summer of Code 2007
Google announced yesterday, on the Google Code Blog , that they will again be holding their annual Summer of Code in the summer of 2007.
Google Summer of Code is a program that offers student developers stipends to write code for various open source projects. Google will be working with a several open source, free software and technology-related groups to identify and fund several projects over a three month period. Historically, the program has brought together over 1,000 students with over 100 open source projects, to create hundreds of thousands of lines of code. The program, which kicked off in 2005, is now in its third year, following on from a very successful 2006.

So, How do students apply for Google Summer of Code 2007?
Students can submit their applications via the GSoC web app between March 14-24, 2007
You need to be atleast the age of 18 or older by April 9, 2007 to be eligible to participate in the Google Summer of Code 2007. Even International students studying in the United States on a F-1 visa or an OPT can still apply for the Google Summer of Code as long as they have a valid student status. Google will provide a stipend of $5000 of which the student gets to pocket $4500 and the balance $500 goes to the mentoring organization.
Who owns the code produced by student developers?
Each student (or her/his mentoring organization) must license all student GSoC code under a license palatable to the mentoring organization. Some organizations will require students to assign copyright to them, but many will allow them to retain copyright. If Google is a student’s sponsoring organization, then the student keeps copyright to her/his code.
Additional sources for the Google Summer of Code 2007
2. Google Summer of Code 2007 website