This was 19.3 percent lower than the state average of 41.8 percent. In 2020 the total municipality population reached 2,539.
82.8 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Colby for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 280 | 17.2 |
| Regular high school diploma | 730 | 44.7 |
| GED or alternative credential | 41 | 2.5 |
| Some college, less than 1 year | 100 | 6.1 |
| Some college, 1 or more years, no degree | 114 | 7 |
| Associate's degree | 131 | 8 |
| Bachelor's degree | 191 | 11.7 |
| Master's degree | 21 | 1.3 |
| Professional school degree | 20 | 1.2 |
| Doctorate degree | 4 | 0.2 |
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