This was 9.5 percent lower than the state average of 43.2 percent. In 2020 the total municipality population reached 674.
91.7 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 | 46 | 8.3 |
| Regular high school diploma | 187 | 33.9 |
| GED or alternative credential | 7 | 1.3 |
| Some college, less than 1 year | 37 | 6.7 |
| Some college, 1 or more years, no degree | 89 | 16.1 |
| Associate's degree | 67 | 12.1 |
| Bachelor's degree | 72 | 13 |
| Master's degree | 31 | 5.6 |
| Professional school degree | 5 | 0.9 |
| Doctorate degree | 11 | 2 |

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