The state Division on Civil Rights announced the award Thursday.
In March 1999, a student filed a civil rights complaint saying that the Toms River Regional Board of Education did not do enough when the student was harassed and bullied by others who believed he was gay.
The student said he was harassed and assaulted from fourth grade through high school.
The state Supreme Court ruled in 2007 that the district could be held liable.
School officials did not immediately return a call.
The award includes $50,000 for pain and suffering plus $18,000 in interest.
New Jersey now has a school anti-bullying law known as the nation's toughest.