This was 14.2 percent lower than the state average of 38 percent. In 2020 the total municipality population reached 2,917.
88.1 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Chaffee for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 228 | 11.9 |
| Regular high school diploma | 607 | 31.7 |
| GED or alternative credential | 99 | 5.2 |
| Some college, less than 1 year | 96 | 5 |
| Some college, 1 or more years, no degree | 426 | 22.3 |
| Associate's degree | 137 | 7.2 |
| Bachelor's degree | 201 | 10.5 |
| Master's degree | 113 | 5.9 |
| Professional school degree | 5 | 0.3 |
| Doctorate degree | 0 | 0 |
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