This was 40.2 percent higher than the state average of 33.6 percent. In 2020 the total municipality population reached 528.
98.8 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 | 5 | 1.2 |
| Regular high school diploma | 33 | 8.1 |
| GED or alternative credential | 6 | 1.5 |
| Some college, less than 1 year | 20 | 4.9 |
| Some college, 1 or more years, no degree | 42 | 10.4 |
| Associate's degree | 25 | 6.2 |
| Bachelor's degree | 120 | 29.6 |
| Master's degree | 110 | 27.2 |
| Professional school degree | 21 | 5.2 |
| Doctorate degree | 23 | 5.7 |
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