The five friends, aged 19 and 20, were on their way to the races when the crash occurred.
They had all graduated from the same high school, Emmanuel College in Warrnambool in 2009, and were studying and working.
In a tribute on Facebook, Bernard Cooper said his brother Tim was a kind-hearted person who would never hurt a fly. "Words can't express how much I loved you," he wrote. "I can only wish I could have swapped lives with you for the day. I wish I could relive our life together mate, so sorry you had to leave us."
Emmanuel College principal Philip Morison said the tragic loss of five young adults, and Elford, a father from Terang who also had family members at the school, would have a huge impact on Warrnambool.
"They were all fantastic, lovely kids," he said.
"When you start talking about country communities, everybody knows each other. They are very tight communities and the relationships would be very interconnected.
"The ramifications and the ongoing ripple effect is going to be huge."
Morison said senior teachers and staff met on Sunday to discuss how the school could support distraught students and staff, as well as the family of the victims and their former classmates.
- AAP