This was 5.8 percent lower than the state average of 46.3 percent. In 2020 the total municipality population reached 533.
87 percent of the population had at least a high school diploma or the equivalent.
Degree distribution in Nichols for 2020*
| Degree | Number of people | Percentage of population |
|---|---|---|
| No degree | 52 | 13 |
| Regular high school diploma | 121 | 30.2 |
| GED or alternative credential | 31 | 7.8 |
| Some college, less than 1 year | 15 | 3.8 |
| Some college, 1 or more years, no degree | 19 | 4.8 |
| Associate's degree | 79 | 19.8 |
| Bachelor's degree | 40 | 10 |
| Master's degree | 43 | 10.8 |
| Professional school degree | 0 | 0 |
| Doctorate degree | 0 | 0 |
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