All seven of the students are around 20 years of age, study in Kruunupyy, and all are of immigrant background.
The accident took place on a hill around two kilometres from the centre of the town when the van occupied by the students was hit by a trucked loaded with gravel after pulling away from a stop sign.
Police are attributing the accident to driver error.
One of the passengers in the vehicle, a young woman, born in 1989, later died of injuries sustained in the crash.