This was 9.6 percent lower than the state average of 41.1 percent. In 2020 the total municipality population reached 719.
95.4 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 | 23 | 4.6 |
| Regular high school diploma | 196 | 39.4 |
| GED or alternative credential | 11 | 2.2 |
| Some college, less than 1 year | 51 | 10.2 |
| Some college, 1 or more years, no degree | 60 | 12 |
| Associate's degree | 100 | 20.1 |
| Bachelor's degree | 46 | 9.2 |
| Master's degree | 8 | 1.6 |
| Professional school degree | 3 | 0.6 |
| Doctorate degree | 0 | 0 |

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