The release said Schultz was not complying with verbal commands as he approached the officers before one of them fired, striking him. Schultz died early Sunday in a hospital.
Cellphone video shows the officers repeatedly yelling at Schultz to put down the knife and not to move.
Schultz failed to respond to the officers' demands to drop the weapon and continued to advance on the officers.
"[Police] didn't have to shoot (Scout) in the heart, but that's what they did", Schultz wrote.
Schultz, born Scott Schultz, did not identify as male or female and was majoring in computer engineering at Georgia Tech. "One officer did not do their job", said the Schultz's lawyer Chris Stewart.
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"Scout always reminded us to think critically about the intersection of identities and how a multitude of factors play into one's experience on Tech's campus and beyond", Pride Alliance said in a statement.
Schultz was a fourth-year engineering student and president of a campus LBGTQ organization. "They have been the driving force behind Pride Alliance for the past two years", the group said.
Scout's mother, Lynn Schultz, told the Atlanta Journal-Constitution that her oldest child suffered from a number of medical issues over the years, including depression.
Georgia Tech says the Atlanta Police Department and Georgia State University Police Department helped to restore order after the incident.
"The mentally ill are looking for a way out when they're having a full breakdown, and there's no way you should be able to use a police officer to take your life when that person isn't threatened", Stewart said.
Stewart says he plans to sue over the shooting. Schultz ― who identified as bisexual, nonbinary, and intersex ― told police, "Shoot me!", according to the Washington Post.
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