People say for school projects, it is easier to improve something you already have then creating something new. I studied Information Systems and for my final project, I took a dealership vehicle/client information system what I worked on easier in college and automated everything with couple new features.
I think all depends on what industry your focus is on.
For example, for industrial application, it can range from simple application like inventory or BOM to BI units.
post what you think and where you want to start so we may add ideas to it.