Bopper, no one is talking about the boat Dive Master. The DM in question was associated with the class.
In light of the info in the 10 news story, and what I think I already know, I would proffer an alternate theory to the one Ken has given.
{Begin Pure Conjecture}
The deceased had a problem with her "buoyancy apparatus". I take that to mean her BC. I extrapolate she either had a hole in it or the inflator hose connection to the BC was loose/came off, thereby allowing the BC to take in water and fill. The Divemaster, seeing this problem underwater and having, with the deceased, become separated from the rest of the class (Wreck Diving Specialty class) earlier, grabbed the student with the inoperable BC, over-inflated his own BC, and thus attempted to bring the both of them to the surface. At some point, before the surface was made, the DM lost his grip on the student. He and his over-inflated BC rocketed to the surface while the student with the faulty BC, perhaps now full of water, plummeted to the bottom where she expired at some point afterward due to panic and drowning. This would explain why the Divemaster buddy hit the surface first and was able to alert the boat as to the status of the deceased. This would also explain why the boat took immediate action in calling the Coast Guard rather than waiting a few minutes to see if she surfaced safely.
{/Pure Conjecture}
Bill