This was 9.3 percent lower than the state average of 41.8 percent. In 2020 the total municipality population reached 874.
86.8 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Balsam Lake for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 85 | 13.2 |
| Regular high school diploma | 238 | 37 |
| GED or alternative credential | 18 | 2.8 |
| Some college, less than 1 year | 16 | 2.5 |
| Some college, 1 or more years, no degree | 77 | 12 |
| Associate's degree | 98 | 15.2 |
| Bachelor's degree | 84 | 13.1 |
| Master's degree | 13 | 2 |
| Professional school degree | 14 | 2.2 |
| Doctorate degree | 0 | 0 |
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