This was 16.5 percent lower than the state average of 41.8 percent. In 2020 the total municipality population reached 540.
81.1 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Bancroft for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 62 | 18.9 |
| Regular high school diploma | 99 | 30.2 |
| GED or alternative credential | 9 | 2.7 |
| Some college, less than 1 year | 46 | 14 |
| Some college, 1 or more years, no degree | 29 | 8.8 |
| Associate's degree | 33 | 10.1 |
| Bachelor's degree | 37 | 11.3 |
| Master's degree | 7 | 2.1 |
| Professional school degree | 3 | 0.9 |
| Doctorate degree | 3 | 0.9 |
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