Hey Hareesh!
Pylons has had students in previous years complete successful projects. However we have only participated after a motivated student approached us to get the ball rolling. GSOC is almost entirely student-driven.
If a student is interested in working on a project that falls into our scope we (maybe just me?) would be happy to discuss any possible projects. Ultimately it's up to the student to decide if they want to do it and if so, we can fill out the necessary paperwork with GSOC to get ourselves included. In the past we have done this by designating ourselves as a sub-project of the PSF which handles much of the red tape for us. It looks like the deadline for us to apply to the PSF's umbrella would be Feb 7th - at that time we'd want to have some potential projects to work on - hopefully motivated by your interests. After we are accepted by the PSF the student would then need to apply. Pylons mentors would rank the proposals and finally the PSF would ultimately decide what proposals are accepted.
The best way to discuss a project would be to drop into the #pyramid channel on freenode (my nick is raydeo) where the core devs hang out and we can ponder some options based on your interests.
- Michael