This number was 13.3 percent lower than the state average of 41.8 percent. In 2018 the total municipality population reached 754.
95.3 percent of the population had at least a high school diploma or the equivalent. The table below shows how many Elwood residents who were at least 25 years old in 2018 held each of the listed degrees.
Degree distribution in Elwood for 2018*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 26 | 4.7 |
| Regular high school diploma | 213 | 38.4 |
| GED or alternative credential | 8 | 1.4 |
| Some college, less than 1 year | 44 | 7.9 |
| Some college, 1 or more years, no degree | 105 | 19 |
| Associate's degree | 44 | 7.9 |
| Bachelor's degree | 77 | 13.9 |
| Master's degree | 31 | 5.6 |
| Professional school degree | 3 | 0.5 |
| Doctorate degree | 3 | 0.5 |
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