Born in Providence, RI and graduated from Littleton High School in 1930, Schultz was educated at the Massachusetts College of Art and at the Institute of Design of the Illinois Institute of Technology. He taught high school art from 1946 to 1977 while living in Newton, MA. He was a member of the Cambridge Art Association and head of the AAN gallery committee for many years. He and his wife Rosalind lived full time on Nantucket from 1977 to 1987. He won his first exhibition prize at AAN in 1955 and the last in 1987. Today, he is the namesake of AAN’s Lloyd Schultz Awards for Excellence in High School Fine Art.