Their rescuers did not reach them in time.
In the footage, which has been blurred to protect individual's identities, the students can be seen lined up in a ship corridor as they wait patiently for emergency services.
The students can be heard getting increasingly panicked as the ship lists to the side, with one crying: 'I'm tried. Help. Help.'
'Don't worry, we're gonna live. I'll see you then,'
Loudspeaker announcements can also be heard, telling the children to make sure their lifejackets are tied securely - but with no instruction to evacuate the ship.
One student comments: 'They're jumping into the sea,' whilst another heartbreakingly cries: 'I want to see my mum.'
Her friend tries to console her, saying: 'Don't worry, we're gonna live. I'll see you then,' a promise which, sadly, is not kept.
'I'm so scared. I'm so scared. This is the hall way. Save us' is the last moment in the video.
Hundreds of passengers lost their lives after the ferry capsized two weeks ago. Despite it listing dangerously to the side - passengers were not told to evacuate until it was too late for most.
Earlier this week a damning video emerged showing the captain and some of the crew of the ship escaping on one of the first life rafts, despite hundreds of passengers still being trapped on board.
Watch the video from CNN here: