This was 2.6 percent higher than the state average of 41.1 percent. In 2020 the total municipality population reached 955.
96.1 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Underwood for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 22 | 3.9 |
| Regular high school diploma | 105 | 18.8 |
| GED or alternative credential | 5 | 0.9 |
| Some college, less than 1 year | 60 | 10.8 |
| Some college, 1 or more years, no degree | 122 | 21.9 |
| Associate's degree | 97 | 17.4 |
| Bachelor's degree | 84 | 15.1 |
| Master's degree | 49 | 8.8 |
| Professional school degree | 11 | 2 |
| Doctorate degree | 3 | 0.5 |

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