Ambulance Victoria is expecting all the students stranded in snow near Licola overnight to be on their way back the Melbourne by this evening.
A group of 11 students and three teachers from Mooroolbark Secondary College were hiking in snow storms yesterday when students developed hypothermia.
Three students and two teachers have been transported out and the remaining nine are hiking out.
Mick Stephenson from Ambulance Victoria says paramedics are accompanying the group.
"They were escorted in by SES who stayed with the students overnight and they've been involved in moving them out," he said.
"Other crews that are waiting in the car park where the students' bus was left and treating the kids as they're brought in from there."
Sergeant James Bate from Police Search and Rescue says the teachers did a good job taking care of the students.
"While people have suffered some mild hypothermia, the staff in this case, once they recognised the signs, acted appropriately and efficiently," he said.
"Otherwise we may have been talking about fatalities."
School Principal Simon Reid says the group was well prepared.
"They're well trained and well drilled," he said.
"All the students had all the right equipment before they left to be in conditions far worse than they were last night."
© ABC 2012
19:32 EST Strong winds in Melbourne have sent a roof crashing onto a footpath near the site where three people were killed in a wall collapse last year.