The crash happened on Buckhorn Road around 11:50 a.m.
According to troopers, the vehicle ran off the road and into a tree.
Samantha Tilley, 16, of Hillsborough - who was driving - and Catherine Elizabeth "Beth" Shivers, 19, of Efland, were pronounced dead at the scene.
NC Highway Patrol said Tilley was driving "too fast for conditions,"55 mph, on an unpaved portion of Buckhorn Road.
Tilley veered off the road and slammed into trees.
Tilley was not wearing her seatbelt. Shivers did have one on.
Michael Gilbert, spokesperson for Orange County Schools, said both Tilley and Shivers were active in chorus.
He said Tilley was a sophomore at Cedar Ridge High School while Shivers had graduated in 2011 and was a freshman at the University of North Carolina Pembroke.
Grief counselors were available for students Monday at Cedar Ridge.