This was 3.4 percent lower than the state average of 31.3 percent. In 2020 the total municipality population reached 190.
80.1 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Banks town for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 27 | 19.9 |
| Regular high school diploma | 28 | 20.6 |
| GED or alternative credential | 0 | 0 |
| Some college, less than 1 year | 7 | 5.1 |
| Some college, 1 or more years, no degree | 36 | 26.5 |
| Associate's degree | 33 | 24.3 |
| Bachelor's degree | 0 | 0 |
| Master's degree | 5 | 3.7 |
| Professional school degree | 0 | 0 |
| Doctorate degree | 0 | 0 |
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