College spokeswoman LaTonya Taylor tells The Chicago Tribune that the student is 21-year Ramie Harris of Marion, Ind.
Authorities haven't officially identified the victims.
But longtime friend and neighbor Aaron Vermillion tells the Chicago Sun-Times that the victims included central Indiana businessman Ray Harris who was flying his daughter back to the northeastern Illinois college. The newspaper reports the other victims were another daughter and one of the girls' boyfriends.
Authorities say the plane crashed around Saturday in unincorporated McHenry County.
Autopsies were scheduled for Monday.
The aircraft was a Cirrus-SR22 registered to the Marion Flying Club in Marion, Ind.
The National Transportation Safety Board is leading the investigation.