The students were proceeding to Tuljapur for a school picnic when the bus collided head-on with another private bus heading for Solapur from Osmanabad, Rural Police, Osmanabad, told PTI.
Seven others were injured in the incident.
All the victims hailed from Sandevade village in Karvir tehsil of Kolhapur district.
The deceased were identified as Akshay Sattagund Patil, Walesh Khandu Kamte, Ganesh Madhav Kumbhar, Akash Rajendra Sirkhe, Suraj Babasaheb Patil, Pankaj M Kumbhar and Pratap Surve (bus driver).