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We don't know a lot about John Cabot, however he had had some education because he could read and write, actually lots of people in Europe could read by the 15th and 16th centuries, and everyone read aloud, silent reading is an 18th century onwards fashion.
Also Cabot could navigate, which was also a skill that he would have been taught, however I think your question infers did he have a formal school education and the indications are that he may well have done because he was accepted into some confraternity of Friars in Genoa when in his early 20s which suggests he hoped to become a friar or priest and both these would require a knowledge of Latin arithmetic and literacy., which would be gained at school.