"We can't say we've never had an officer-involved shooting, but we can say there hasn't been one in the past 20 years", Georgia Tech spokesman Lance Wallace told the newspaper.
The GBI spokesperson says officers repeatedly tried to talk with Shultz, who was described by police as not being cooperative or complying with demands from officers.
Schultz yells at police to shoot and officers respond, "Drop the knife!"
Georgia Tech said Schultz was a fourth-year computer engineering major, residing in the Atlanta suburb of Lilburn.
Pride Alliance issued a statement, following the incident, saying: "Their leadership allowed us to create change across campus and in the Atlanta community".
"I just cried reading all the posts on his Facebook page, of all the people on campus who loved, and respected, and adored Scout", the student's father said.More news: Kareem Hunt scores twice as Chiefs hold on to beat Eagles
The Georgia Bureau of Investigation is investigating the shooting.
He said that he does not believe Schultz was attempting "suicide by cop", but the GBI reports that three suicide notes were found in Schultz' dormitory room.
"Shoot me", Schultz can be heard saying about one minute before one of the officers fired.
Schultz's mother Lynne told the New York Daily News that her child was "nonconformist and very, very bright", and said she was unable to explain the incident. "Come on man, no body wants to hurt you, drop the knife", another officer shouts.
However, it has sparked a backlash from Schultz's mother, who said that the police was wrong in using a lethal weapon. Another officer called out to Schultz, asking, "What are we doing here?"
"Why didn't they use some nonlethal force, like pepper spray or Tasers?"
Chris Stewart said Monday that reports have made it sound like Schultz was carrying a big knife when he was actually carrying a multi-tool gadget.
"I think these things happen all over the place; it's exactly how you handle the circumstance", Aashal Dave, a third-year understudy from Athens, disclosed to The Atlanta Journal-Constitution.