This was 17.4 percent lower than the state average of 48.4 percent. In 2020 the total municipality population reached 1,513.
94 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Waverly for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 64 | 6 |
| Regular high school diploma | 283 | 26.4 |
| GED or alternative credential | 43 | 4 |
| Some college, less than 1 year | 85 | 7.9 |
| Some college, 1 or more years, no degree | 265 | 24.7 |
| Associate's degree | 140 | 13.1 |
| Bachelor's degree | 161 | 15 |
| Master's degree | 25 | 2.3 |
| Professional school degree | 5 | 0.5 |
| Doctorate degree | 1 | less than 0.1 |
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