The accident happened just before 2 p.m. Sunday near milepost 319 in Charlestown Township.
On their website, Penn State University officials confirmed the victims were students at the institution.
The school says students were traveling home from a fundraising trip for THON.
Vitalya "Tally" Sepot, a 19-year-old sophomore from Branford, Conn., was identified by the school as the deceased person.
Brooke Kalodner, 18, from Voorhees, N.J., and Max Titlebaum, 20, from Merion Station, Pa., are among the reported injured.
The school identified the other victims as Victoria Barrett, 18, from Gibsonia, Pa., Sarah Bixby, 18, from Flemington, N.J., Claire Fountas, 19, from Barrington, Ill., and Matthew Hrynkow, 20, from Annandale, Va.
The victims were rushed to a local hospital. Their conditions remain unknown.
The accident caused lane closures at the Valley Forge Interchange (#326) for a period of time.
The crash is under investigation.
The website says Sepot was a passenger in the car returning to State College from the Philadelphia area when the one-car accident occurred.
Sepot was majoring in graphic design.
The Penn State IFC/Panhellenic Dance Marathon, referred to as THON, is a yearlong campaign to raise funds for the fight against pediatric cancer.
The Associated Press contributed to this report.