This was 16.3 percent lower than the state average of 36 percent. In 2020 the total municipality population reached 2,217.
86.9 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Waterloo for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 173 | 13.1 |
| Regular high school diploma | 442 | 33.6 |
| GED or alternative credential | 87 | 6.6 |
| Some college, less than 1 year | 163 | 12.4 |
| Some college, 1 or more years, no degree | 193 | 14.7 |
| Associate's degree | 113 | 8.6 |
| Bachelor's degree | 92 | 7 |
| Master's degree | 22 | 1.7 |
| Professional school degree | 0 | 0 |
| Doctorate degree | 32 | 2.4 |

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