This was 2.7 percent lower than the state average of 39.6 percent. In 2020 the total municipality population reached 1,380.
94.3 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Shepherd for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 53 | 5.7 |
| Regular high school diploma | 255 | 27.7 |
| GED or alternative credential | 17 | 1.8 |
| Some college, less than 1 year | 122 | 13.2 |
| Some college, 1 or more years, no degree | 135 | 14.6 |
| Associate's degree | 96 | 10.4 |
| Bachelor's degree | 156 | 16.9 |
| Master's degree | 78 | 8.5 |
| Professional school degree | 4 | 0.4 |
| Doctorate degree | 6 | 0.7 |
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