Now is a high time to start discussing what you might want to do, for both student candidates and possible mentors.
Students, have a look at our project idea examples to get a feeling of what kind of projects you could propose. First you will need to contribute at least a small but significant patch to show that you understand the workflow, we have put some first task ideas together.
There are our application instructions for students. Of course all the pages are reachable from the Wayland GSoC wiki page and also the Wayland organization page.
If you want to become a mentor, please contact me or Kat, the contact details are on the Wayland GSoC wiki page.
Note, that students can also apply under the X.Org Foundation organization since Wayland is within their scope too and they also have other excellent graphics project ideas. You are welcome to submit your Wayland proposals to both projects.