This was 4.9 percent lower than the state average of 39.6 percent. In 2020 the total municipality population reached 454.
94.1 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 | 16 | 5.9 |
| Regular high school diploma | 74 | 27.3 |
| GED or alternative credential | 21 | 7.7 |
| Some college, less than 1 year | 23 | 8.5 |
| Some college, 1 or more years, no degree | 43 | 15.9 |
| Associate's degree | 64 | 23.6 |
| Bachelor's degree | 15 | 5.5 |
| Master's degree | 12 | 4.4 |
| Professional school degree | 3 | 1.1 |
| Doctorate degree | 0 | 0 |

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