Well not directly, but MySQL is and they will also accept our projects. So if you are student interested in getting some money for improving free software, you're welcome to contact us. We have written down our ideas to wiki, but feel free to come with your own thought. But don't forget that deadline is this Monday!
While talking about this improving phpMyAdmin, phpMyAdmin team would also like to take part in Hackontest, so vote and suggest there features for us! If you have no idea for phpMyAdmin, Debian is also taking part there ;-).