Schulter is the youngest of five children, all raised in Chicago. He attended John Audubon School and later graduated from Lake View High School in 1965. Schulter earned his bachelor's degree from Loyola University. He was also awarded a Law Degree. Schulter also earned a post graduate degree from the Kennedy School of Government at Harvard University.
Schulter was first elected in 1975, when he was only 26, making him one of the youngest aldermen to serve in the city council.
As alderman, Schulter has worked for license reform. Schulter is responsible for legislation that guaranteed equitable citywide cable services and set asides for minorities; he led the drive for more community input on parks; and sponsored the city's Landscape Oridnance which requires the incorporation of landscape plans and planting of trees for every new residential, commercial, or industrial development.
Schulter highlights the Sulzer Regional Library as a major ward achievement. Also, he has worked to build a field house at Chase Park, fostered revitalization of Lincoln Square Mall, fought against negligent and delinquent landlords in the ward, and supported the development of the Ravenswood Industrial Corridor.
Currently, Schulter is chairman of the Committee on License and Consumer Protection. Additionally, he serves on six other committees: Budget and Government Relations; Finance; Committees, Rules and Ethics; Traffic Control and Safety; Zoning; and Parks and Recreation.
In 2008, Schulter expended a portion of his aldermanic expense account as a salary for his daughter, Monica. The City ordinance prohibits the spending of aldermanic expense funds for "the direct monetary benefit of any alderman or any of his or her relatives."
In 2011, Schulter announced his retirement from the city council. The open seat was subsequently won by Ameya Pawar. Pawar garnered under 51% of all votes cast, narrowly avoiding a runoff against Schulter ally Tom O'Donnell.
Schulter is a paid director of North Community Bank, a bank in Chicago with locations in the 47th ward.
Schulter is married to his wife, Rosemary. They have two children together.