The accident happened about 120 kilometers (75 miles) from the country's economic capital when the driver lost control of the bus carrying 46 passengers and crashed into a rock in the opposite lane.
The impact caused the vehicle to overturn and fall into a ravine, rescue services said.
The driver was among the dead, several media outlets reported.
The students were from three schools in the town of Mogi das Cruzes and were headed to the coastal town of Sao Sebastiao in foggy conditions, according to the Globo G1 news network.
One of the deadliest accidents happened in March 2015 when 54 people died after the bus they were traveling on to a religious event failed to negotiate a curve and fell 400 meters (more than 1,300 feet) down a steep bank in the southeastern state of Santa Catarina.
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