The incident happened around 3:40 p.m. Friday near Bennett Street and Aston Drive.
Police say residents in the area, along with responding officers, provided emergency medical care to the child before the victim was rushed to Cooper University Hospital.
The child -- who sources say was 7 years old -- later died from his injuries.
Video obtained by Action News shows a woman frantically banging on a neighbor's door, desperate for help in the immediate aftermath. The bus is seen in the background as neighbors attempt to render aid before first responders arrive.
"It's tragic. It's devastating for the family," one neighbor said.
Chopper 6 was overhead as officers were seen inspecting a school bus at the scene.
The circumstances surrounding the crash remain under investigation. Authorities have not released the child's age or identity.
In response to the tragedy, Clonmell United Methodist Church announced it will open its doors on Saturday at 9 a.m. to support residents impacted by the incident.
The Greenwich Township School District also said counselors will be available for students beginning Monday.