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1.
1. State of total greatness
2. State of being extreamly cool
3. Being Schulman in one way or another i.e coolness,greatness,hotness, etc...
The word is derived from Schulman himself and his contant state of being fantastic

Also some times used as just schul instead of schul-tastic
1. That cd is schul-tastic.
2. Giving me that slice of pizza was schul-tastic of you.
3. I'm more schul-tastic than all of you guys put together.
by Andrew December 29, 2004