The crash happened on Buckhorn Road around 11:50 a.m.
Samantha Tilley, 16, of Hillsborough - who was driving - and Catherine Elizabeth "Beth" Shivers, 19, of Efland, were pronounced dead at the scene.
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.
The two were best friends and sang in chorus together, family said.
NC Highway Patrol said Tilley was driving "too fast for conditions" at 55 mph on an unpaved portion of Buckhorn Road.
She veered off the road and slammed into trees.
Tilley was not wearing her seatbelt. Shivers did have one on.
Beth Shivers was a cancer survivor, and at 13-years-old, she lost her mother to the same kind of cancer.
Her father, James Shivers said she was lucky to be alive.
"It's just tragic that she didn't make it," he said. "I would have expected the disease to take her-not this."
Shivers said he last saw his daughter alive Friday night. She was in town visiting her family and Tilley.
"She ran out the door with a smile, 'Love you, Daddy; see you tomorrow,' and then I heard from the sheriff's department," he said.
Along with his wife and now his daughter, Shivers had previously lost two infant sons to SIDS.
He said he is now focusing on his faith and his son Mitchell.
"I still have my son, so I can't stop now," he said.
He said his daughter Beth was just a fantastic person.
"You knew when you were around her that there was a good person standing next to you," he said.