Bill Schluter attended Phillips Exeter Academy and Princeton University, where he was involved in extracurricular activities. He spent six years on the Pennington Borough Council, demonstrating early leadership skills. Schluter married Nancy Albright Hurd in 1950, and his wife held a significant role within the New Jersey Federation of Republican Women. Schluter's political stance was aligned with the moderate wing of the Republican Party, as evidenced by his support for Barry Goldwater at the 1964 Republican National Convention.

Bill Schluter's political identity is marked by a moderate Republican stance that occasionally diverges from party norms. His support for Barry Goldwater at the 1964 Republican National Convention, against the majority of his state delegation, highlights a willingness to challenge conventional party lines. Schluter's local political involvement, such as his tenure on the Pennington Borough Council, suggests a highly localized approach to governance. His marriage to Nancy Schluter, who held significant political roles within the Republican Party, further underscores a deeply embedded political family dynamic. These elements together paint a picture of a politician who navigates ideological waters with calculated independence.