The 15-year-old Damascus College student was crossing the road shortly before she was hit by a car at the corner of Armstrong Street.

"The reason is yet to be determined, but it is believed the girl stumbled and has fallen backwards under the vehicle," said leading senior constable Anthony Creanor of Ballarat Highway Patrol.

The car was turning out of Armstrong Street onto Sturt Street when it struck the girl about 3.50pm. The 35-year-old driver of the vehicle was assisting police with their inquiries after the incident.

The girl was taken to Ballarat Base Hospital in a stable condition.

A number of witnesses were questioned at the scene, however police are calling for anyone who may have seen the incident to come forward by calling Crime Stoppers on 1800 333 000 or submitting a report through the www.crimestoppersvic.com.au website.

It is believed a number of other students from the school were also at the scene of the accident but were not injured.

Damascus College staff visited the year nine student in hospital on Tuesday evening before sending out a Facebook alert to parents.

The school said counsellors would be available on Wednesday morning for all students who wished to speak about the incident.

The accident is likely to reignite debate about speed limits in the city centre, with the City of Ballarat currently considering an unpopular plan to lower the speed limit on sections of Sturt Street to 40km/h.