The other former student has been identified as 20-year-old Levi Pettit, who graduated from Highland Park High School in 2013.
A viral video shows several people on the bus, including Rice and Pettit, participating in a chant that included a racial slur, referenced lynching and indicated black students would never be admitted to OU's now-defunct chapter of Sigma Alpha Epsilon.
The protest was peaceful, with about 30 demonstrators. Dallas police officers stood nearby, ensuring they stayed in the street and didn't hold signs.
"I think he needs to at least make a public apology," said Keyaira D. Saunders with Next Generation Action Network. "Let us see your face, let us know you're sincere. A lawyer could've wrote that. If you're really sorry, show us that you're sorry."
At times it got heated, but most neighbors acknowledged their presence and let them pass.
The Next Generation Action Network organized the protest, but others angry with the situation at OU joined in, even getting testy at times.
One neighbor, Michael Grimm, defended his block and its residents.
"I will say I heard some of them say that the neighborhood is racist and that's totally incorrect," said Grimm. "That's painting with a very broad brush when you start saying things like that."
Apology statements issued Tuesday by Rice and Pettit's parents weren't enough for Dominique Alexander with Next Generation Action Network.
"We want to see your face apologize," said Alexander before the protest. "The last face we saw of you was you actually singing a song saying there's no n***** going to be in SAE. We don't want to hear no statements."
Alexander says Rice's admission that alcohol was involved is telling.
"You can get a person under the influence and ask them anything," said Alexander. "They're going to tell you the truth."
Alexander believes Rice's upbringing had something to do with his behavior.
Neither the Rice family nor the Pettits in Highland Park have made an appearance at their homes since the scandal broke.
"We're going to the root of this issue," said Alexander. "How he was raised. He just didn't get it in six months…we don't want to do any radical thing toward this family but make a statement we're not going to tolerate it."
The high school that Rice attended, Jesuit College Prepatory School of Dallas, has been inundated since FOX 4's interview with the school's president, Mike Earsing, on Tuesday.
In part of Rice's written apology, he said, "I admit it likely was fueled by alcohol consumed at the house before the bus trip, but that's not an excuse. Yes, the song was taught to us, but that too doesn't work as an explanation. It's more important to acknowledge what I did and what I didn't do. I didn't say no, and I clearly dismissed an important value I learned at my beloved high school, Dallas Jesuit."
We wanted to follow up with Eatsing on Wednesday about Rice's apology, but a receptionist read a statement to us over the phone, pointing out that Earsing granted nine TV interviews and spoke with 30 news organizations on Tuesday and simply cannot meet every request.
FOX 4 did ask a member of the Jesuit board, Mayor Mike Rawlings, to share his thoughts on the infamous video.
"It shows you one action as a young person can have a lot of consequences and you have to be very thoughtful," said Rawlings.
Alums of the chapter released an apologetic statement on Wednesday, saying in part:
"The OU SAE Board of Trustees has discovered that a horrible cancer entered into the OU chapter of SAE some three to four years ago and was not immediately and totally stopped. It should have been."
FOX 4 has learned that parents of other SAE members who were on that party bus have agreed to hire a PR firm to speak on their behalf.