This was 11.2 percent higher than the state average of 41.8 percent. In 2020 the total municipality population reached 835.
96.8 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Lake Nebagamon for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 22 | 3.2 |
| Regular high school diploma | 133 | 19.5 |
| GED or alternative credential | 6 | 0.9 |
| Some college, less than 1 year | 75 | 11 |
| Some college, 1 or more years, no degree | 85 | 12.4 |
| Associate's degree | 74 | 10.8 |
| Bachelor's degree | 158 | 23.1 |
| Master's degree | 104 | 15.2 |
| Professional school degree | 14 | 2 |
| Doctorate degree | 12 | 1.8 |
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