Schulz was in London for his first meeting with Corbyn, who is expected to be re-elected party leader on Friday.
The Socialist MEP remained tight lipped on what exactly was said between the two men, but an aide told this website, "They had a good productive meeting on EU UK issues and how to work together."
The aide refused to elaborate but it is thought the pair discussed the possible timetable for the UK to start negotiations on exiting the EU.
The meeting came after Schulz met UK Prime Minister Theresa May in London on Thursday and London Mayor Sadiq Khan.
On Friday, Schulz also gave a speech at the London School of Economics, where he again warned the UK "there will be no à la carte menu" over Britain's membership of the single market.
He said, "Last time I was here, on 5 February of this year, I argued that we needed the UK to make the EU stronger and better. I painted a picture of a world in 2050 in which no single EU member state was in the G7 and where Europeans made up just 5.4 per cent of the world population.
"I pleaded for a smart coexistence between the regional, the national and the European levels, not the triumphant return of the nation state as a solution for all problems."
He went on, "Who would have anticipated precisely what came next? That the campaign would get so nasty that a Member of the UK Parliament, Jo Cox, would be brutally murdered, in broad daylight, for her political convictions?
"As Gordon Brown put it when he visited Brussels ahead of the EU referendum, how could the most internationally minded of all countries - a model for many other member states -simply walk away from its nearest neighbours after 45 years?"
He asked, "Why leave when you could instead lead? And yet, seven months since my last visit here, we are now trying to figure out how the UK, as a third country, could best co-exist and cooperate with a EU of 27."
The referendum campaign divided British society "like no other event I can think of," he told the LSE audience.
"I think the Brexit vote was a loud and clear warning signal for the EU as a whole to reform, and by this I mean not only the EU institutions but also the member states that make up the EU.
"But at the same time I am very wary of the many vested interests now peddling so-called 'lessons' to be drawn from the referendum. It was not a vote to end the EU."
A recent survey showed that people maintain trust in the EU, often more than in their national governments, and want an increased role for the EU in a number of areas, he said.
He added, "The institution which I have the honour of presiding since 2012, the European Parliament, will play a key role in setting the new relationship between the EU and the UK - not least because we must consent to any withdrawal treaty and subsequent treaty setting out the full relationship.
"And everyone wants to avoid the experiences we had a few years ago - which some of you may remember as the so-called TFTP(SWIFT) and ACTA cases - where the Parliament's priorities were not reflected in the negotiations and it decided to veto the final deal."
On the Brexit talks, he told students, "Contrary to how it is sometimes portrayed, the European Parliament is not out on some punitive mission - and I would like to set the record straight on this.
"The institution I preside is tackling Brexit in a level-headed and fair manner without the slightest hint of retaliation. Last week the new UK member of the European Commission, Julian King, was voted through with a large majority to get on with the business of ensuring our citizens security."
He added, "The week before that, Parliament set up its negotiating structure, coordinated by Guy Verhofstadt, an experienced statesman, nine years Prime Minister, who has played a key role in the February 'Settlement'."
Schulz added, "I would like to underline today, with the hindsight of the meetings I have had here in the last two days with Theresa May and Jeremy Corbyn, what I think should be the broad parameters in the future relationship between the UK and the EU."
He said, "I'm convinced that all actors around the table want to make the best of this unfortunate hand of cards. But let me say this again clearly - the best possible deal with the EU is membership of the EU. Any other arrangement necessarily entails trade-offs."
Schulz insisted, "Perhaps it is easier to convey what I am trying to say in culinary terms: there will be no à la carte menu."