Neither victim was a student at the university, and police believe the shooting "started from a domestic situation," the university said.
The school, which has about 23,000 students, was urging students to take shelter. It also said no other deaths or injuries have been reported.
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The school posted an alert around 9:30 AM on its Facebook page about shots being fired at Campbell Hall on its campus in Mount Pleasant, which is about 112.6 kilometers north of Lansing.
An automated phone message from the school also was sent to students. The shooting occurred on the last day of classes before spring break. The Bureau of Alcohol, Tobacco, Firearms and Explosives says its agents are on their way to the campus.