The girls, who were not named, were suspended.
"Wouldn't you guys think I'd be the best assassin ever?" one of the girls said in the video.
The seventh-graders, one behind the camera and one in front of it, then list classmates and administrators they would kill, laughing the whole way through.
"Stab him continuously in this area," one of the girls said.
The video made it onto YouTube long enough for parents and classmates to see it. One parent said her daughter woke up about four times in the night to lock the doors after having nightmares about the threats. The video has since been taken down.
Officials say parents whose daughters were on the girls’ hit list went to police headquarters on Wednesday evening to file terroristic threat charges against the two students.
Mayor Jeffery Jones told NorthJersey.com: "It's serious enough for us to have this investigated, especially because of the current climate we're in."