Antwon Merritt, 18, fell out of his eighth-floor dorm room and on to a concrete ledge November 20. He died a few hours later.
Police say Merritt had a confrontation with a man earlier in the day and possibly that man and some of his friends confronted Merritt in his room that night. Police say that may have forced him to jump.
Shaw President Talbert Shaw was worried the case was not getting the attention he felt it deserved.
"It's good to hear it was not just thrown aside," Shaw says. "It's still being looked at."
Students are relieved that the case is progressing.
"I knew that the students had not forgotten about it, but I didn't think that the police were still working on the case," says Kimberly Randall, a Shaw student. "I'm glad to hear that they are. Something is going to happen."
The five men in question are Meyon Allen Donnell, Tyrone DeAngelo Hoy, Robert Earl Smith, Curtis Sean Wilson and Rodney Lindsey Wilson.
Police say Hoy is a freshman at Shaw. The university's president says no action will be taken against him by the school.
Indictments for the men could come in the next couple of weeks.