20 deaths were initially reported, a further seven have died from their injuries during the night. The condition of a further twenty injured is critical, doctors stated late on Monday.
A fire broke out in the school building after the crash and over 170 people, many with burn injuries, were rescued from the scene. Most of the injured are reported to be between eight and 14 years old.
It was just after 13.00, local time, that the plane crashed into the school, which has around 2,000 students from preschool to high school.
The death toll may rise further. Rescue workers were still searching for bodies in the fire-damaged rubble late on Monday evening.
The plane is said to have been affected by a technical fault, according to the military, but the cause will be further investigated by a special committee.
The government of Bangladesh has declared a day of mourning on Tuesday, with flags at half-mast across the country.