Kathy Moldawer, 21, has been discharged from Rotorua Hospital while Alys McAlpine, 20, remains in Rotorua Hospital in a stable condition. A hospital spokeswoman said the parents of one of them had arrived in New Zealand.
Meg Theriault, 21, from Boston University but on Sydney University's student exchange programme, was airlifted to Waikato Hospital, where she remains in a critical condition.
Stephen Houseman, 20, and Emily Melton, also 20, were treated at the Taupo Hospital emergency department and later discharged. Police confirmed the driver survived but would not release any details about the driver's condition. The parents of the three students killed are on their way to New Zealand.
Bay of Plenty road policing manager Inspector Kevin Taylor said there was a dual focus for police investigating the crash.
"We will continue to do everything we can to provide information and support for those involved and their families to help them deal with the traumatic event they have been through."
Mr Taylor said the belongings of those who were in the crashed vehicle had been returned to family and friends.
"The US consul and student co-ordinators from both Boston University and Auckland University are acting as liaison with the families and we are working closely with them."
He said police were carrying out a detailed examination of the vehicle involved in the crash and were looking to talk to people who saw the crash to build a better picture of what happened.
"This investigation by the Serious Crash Unit will take several days to complete. The outcome of the investigation will then determine our next steps and form part of the evidence which will eventually be presented to the coroner."