This was 17.9 percent lower than the state average of 43.7 percent. In 2020 the total municipality population reached 2,524.
95.1 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Elwood for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 93 | 4.9 |
| Regular high school diploma | 733 | 38.9 |
| GED or alternative credential | 183 | 9.7 |
| Some college, less than 1 year | 152 | 8.1 |
| Some college, 1 or more years, no degree | 239 | 12.7 |
| Associate's degree | 220 | 11.7 |
| Bachelor's degree | 176 | 9.3 |
| Master's degree | 71 | 3.8 |
| Professional school degree | 0 | 0 |
| Doctorate degree | 19 | 1 |
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