This is always a really popular project that we do with senior grade art students in high school. It's cheap, approachable, and students can get CRAZY creative with this one.
The project asks them to design a coffee cup.
We buy the cheap white ones from coffee shops, and this is their base for the drawing project.
The project involves
-them creating 4 mini thumbnail drawings of potential designs
-deciding on a theme to work with
-using whatever materials they wish
-they also have to design the sleeve of the coffee cup (you could make this optional) and other ideas are included, such as incorporating the lid, the stir stick etc.
They always create a buzz around the school when we put them on display - they're fantastic!
We even had one local coffee shop put them on display as a mini art show
Also included are a page with exemplars (you can project these with an LCD to get kids excited), and a rubric to make marking easy!