For this question, I will be adhering to the Copenhagen interpretation (since that's what I've learned in university so far). For the sake of brevity/clarity, also, assume the Hamiltonian here has finite eigenvalues and eigenvectors, say $n$ of them.
If the Hamiltonian operator of a particular physical system, $\hat{H}$, has eigenvalues $\lambda_1,...,\lambda_n$ with corresponding eigenstates $\Psi_1,...,\Psi_n$, and we are considering a particle in said physical system described by the state $\Psi$, then we can expand $\Psi$ as a superposition of the energy eigenstates, i.e. $\Psi=\sum_{k=1}^nc_k\Psi_k$ for some complex constants $c_k$.
Upon measurement of the energy of the particle in state $\Psi$, the only possible values we can measure are the eigenvalues $\lambda_k$, and we measure them with probability $|c_k|^2$ (assuming $\Psi$ is normalized). In this sense, if we measure the eigenvalue $\lambda_1$ (for example), then the state $\Psi$ is said to have collapsed to the state $\Psi_1$.
What happens if there is degeneracy among the eigenstates and eigenvalues? That is, say there are two eigenstates $\Psi_1$ and $\Psi_2$ that each have the same eigenvalue, say $\lambda_1$. If we measure an energy of $\lambda_1$, how do we know if $\Psi$ has been collapsed to the state $\Psi_1$ or $\Psi_2$?