I am currently project managing a group of second year students through a group project, and in my second year was a member of a group project.
In my opinion, you need a leader, someone to take charge and organise things like task priorities etc. It's best if you can all agree on issues like this but having someone who can steer or moderate discussions is very useful.
You absolutely must learn to be 'egoless programmers' if you're working in a team, i.e. you need to work together for the greater good (as cheesy as that sounds...). Knowledge has to be shared throughout the team and there should be a climate of collective code ownership so that everyone is happy to accept constructive criticism and individuals are happy to improve the collective codebase even if they didn't write the specific code.
I second the idea of SCRUMs. In case you've not heard of that, what it is essentially is having a daily 15 minute meeting (this can be less than daily depending on how much time you are willing to dedicate to this project) where each member of the team tells the others what they did the day before, what they plan to do today and any problems they had completing their tasks. By highlighting any problems/obstacles it should allow the project manager/or the rest of the team collectively to help the individual overcome the problem.
I would recommend looking at tools such as Pivotal Tracker and Basecamp (both free) to easy the burden of project management slightly.
Also, in case you don't already, you absolutely must use some kind of version control software (I'd recommend Git or Subversion) so that you can easily share and work on the code together.
Also I would consider pair programming (where two of you literally sit at the same machine coding away on tasks) or at least code in a common, communal area so you can bounce ideas and issues off each other.
It's easier if everyone codes against a set of agreed up-on-standards as well. It's not really important where you put your brackets or how you do you're tabbing but it's more important that everyone agrees and does the same thing.
A final thing to consider is what you are wanting to develop, that may require a whole extra thought about marketing/ideas generation/business issues etc. I'd go for a web application but that may not be of interest to you.
If you are going for your own products, be prepared to throw away many ideas or to change them. Iterate through the design and release early so you can get feedback from real users. A common quote is "if you're not embarrassed by version one you waited too long".
Peopleware is a good project management book about the social side of management and eXtreme Programming Explained is good if you're interested/believe/agree with the agile/XP ideology (which not everyone does).
Good luck!