The cast will also feature "Girls Trip" actress Tiffany Haddish, Rob Riggle and Yvonne Orji, according to The Hollywood Reporter.
Filmmaker Malcolm D Lee will direct the movie, which is based on a story by Hart, following a group of misfits who have been forced to attend adult classes with the aim of passing the GED exam.
Schwartz has been cast as Hart's best friend - an investment adviser who can't give his mate a job until he passes the test.
Shooting is expected to start at the end of September on location in Atlanta, while it is scheduled for release around the same time in 2018.
Schwartz can be seen in upcoming Netflix movie "Happy Anniversary".