Wermers and the student tried to stay afloat. After a couple hours of swimming, the student was rescued and taken to a local hospital, but Wermers' body still hasn't been found.
From here:
http://www.fox10tv.com/dpp/news/local_news/pensacola/search-for-nas-pilot-suspended
I did find it curious that the student was rescued but the instructor pilot was not. The student apparently only had minor injuries, but I suppose the instructor’s injuries may have been more serious. Normally, the first rule in a situation like that is that both would stick together and not be separated. Still unclear how long it took the plane to sink or how long they may have been in the water. Hypothermia would be the main thing that would get you.