Police say the driver, 17-year-old Scott Emig, of Bear, and a passenger, 16-year-old Amy Stevens, of Newark, died in the crash.
A New Castle County Vocational School District spokesperson says both Emig and Stevens were juniors at St. Georges Technical High School in Middletown.
Stevens was a student leader and enrolled in the nursing program and Emig was in the electrical trades program. Psychologists and counselors are at St. Georges on Friday and available to students and staff.
The crash happened at approximately 3:15 p.m. on northbound Route 1.
Police say Emig was driving a 1996 Mitsubishi 3000GT and was traveling in the middle lane at an apparent high rate of speed.
As Emig attempted to make a right hand lane change in order to avoid a slower moving vehicle in front of him, he lost control of the Mitsubishi which began to rotate in a clockwise direction, investigators said.
The vehicle traveled off of the east edge of the road and struck a metal guardrail.
The vehicle continued through the guardrail and overturned onto its roof where it came to rest partially on top of the guardrail.
Emig, was not wearing a seatbelt, was ejected from the vehicle. He was pronounced dead at the scene.
Police say Stevens was wearing a seatbelt at the time of the crash.