| Index | Panama | Iowa | National |
| Average Test Scores | n/a | 69% | 48% |
| Student/Teacher ratio | n/a | 13:1 | 16:1 |
| Total public schools | n/a | 1,101 | 79,221 |
| Total private schools | n/a | 208 | 24,874 |
| Total post-secondary schools | n/a | 96 | 7,963 |
| Index | Panama | Iowa | National |
| Completed 8th grade | 93.3% | 89.2% | 84.3% |
| Completed high school | 89.9% | 87.7% | 83.0% |
| Completed some college | 49.7% | 59.8% | 59.4% |
| Completed associate degree | 26.8% | 38.4% | 38.5% |
| Completed bachelors | 10.1% | 27.2% | 30.3% |
| Completed masters | 1.3% | 8.7% | 11.5% |
| Completed professional degree | 0.0% | 2.7% | 3.3% |
| Completed doctorate | 0.0% | 1.1% | 1.3% |
There are a total of n/a public schools, n/a private schools and n/a post-secondary schools in Panama. Using the proficiency score averages, the average test scores for Panama, IA schools is n/a. The average student to teacher ratio is n/a. In Panama, IA, an average of 93.3% of students have completed 8th grade and an average of 89.9% have completed high school.
| City | Population | Avg. Test Scores | National Avg. |
| Harlan, IA | 4,813 | 81% | 68.1% |
| Irwin, IA | 327 | 80% | 66.7% |
| Woodbine, IA | 1,391 | 78% | 63.0% |
| Dow City, IA | 440 | 75% | 55.2% |
| Dunlap, IA | 1,214 | 70% | 44.8% |
| Panama, IA | 272 | n/a |
| City | Population | Avg. Test Scores | National Avg. |
| Merino, CO | 272 | 40% | 16.7% |
| Medicine Bow, WY | 272 | 50% | 4.2% |
| Donovan, IL | 272 | 35% | 27.8% |
| Altoona, KS | 273 | 40% | 16.7% |
| Cedar Hill, TN | 271 | 29% | 39.6% |
| Panama, IA | 272 | n/a |
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