Year 7 student Milla Killeen was on a school bus with 27 other children on the way to her school when it rolled while turning at a bend near Stonehaven in Victoria's south on Wednesday.
She died at the scene and more than a dozen more students were injured and taken to hospital.
Christian College Geelong released a photo of the 12-year-old from Teesdale in a tribute that remembered "her beautiful personal qualities, her vibrancy and infectious personality".
The keen and talented basketballer recently represented the college at the state championships and was described as a treasured member of the school community.
Her loss was deeply felt by all staff, students and families, Executive Principal Mathilda Joubert said.
"This is a time of unimaginable loss," Dr Joubert said.
"Our deepest sympathies and prayers are with Milla's family and our college will continue to provide ongoing support.
"In our deep grief, we are also coming together as a community to support one another, drawing strength from God, and the care and compassion that Milla herself demonstrated to others."
The principal requested privacy for the Killeen family and school community as they mourn the tragedy.
Geelong United, where Milla represented the basketball under 14 girls 2 squad, said it was deeply saddened by the passing of the young athlete.
"Her love for the game, her teammates, and her bright spirit will be remembered by all in our community," the club said in a statement.
"Our deepest sympathies and heartfelt condolences go out to Milla's family, friends, and teammates during this incredibly difficult time."
The bus was turning at a bend onto the Hamilton Highway when it hit a railing and rolled, with Detective Senior Sergeant Paul Lineham saying first responders faced a confronting scene.
It had been transporting the 28 students, ranging from primary to secondary school age, to the college's junior, middle and senior Geelong campuses.
Two children, including a 16-year-old boy from Inverleigh, were taken to the Royal Children's Hospital and nine were in University Hospital Geelong suffering broken bones and skull fractures to milder injuries, Education Minister Ben Carroll confirmed.
The two children in Royal Children's were in a stable condition on Thursday.
The 76-year-old driver from Hamlyn Heights was also injured but was later released from hospital.
He has been interviewed by police and released pending further inquiries.
Investigators will assess the man's competency to drive and whether fatigue, drugs and alcohol or medical conditions played a role in the incident.
The bus will be mechanically examined. Detectives will look at the corner and what role the weather played in the crash.
Det Lineham said the bus had seatbelts but investigators were yet to determine where each passenger was sitting.
"The seatbelts will form part of the investigation as to whether they were worn or not," he said.
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