This was 14.4 percent lower than the state average of 40.2 percent. In 2020 the total municipality population reached 3,877.
88.9 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Bonanza for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 252 | 11.1 |
| Regular high school diploma | 659 | 28.9 |
| GED or alternative credential | 84 | 3.7 |
| Some college, less than 1 year | 254 | 11.1 |
| Some college, 1 or more years, no degree | 442 | 19.4 |
| Associate's degree | 101 | 4.4 |
| Bachelor's degree | 190 | 8.3 |
| Master's degree | 256 | 11.2 |
| Professional school degree | 42 | 1.8 |
| Doctorate degree | 0 | 0 |
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