This is a great way to get your education, work in your field and let your employer put you through school. There are still companies who do this and many different ways programs are structured - from you having to commit to a specific number of years that you will stay employed after your get your degree to no real commitment at all, you just have to stay employed to stay in school (on their dime).
Nursing is a field where this practice is common. With a basic education in nursing, hospitals hire their staff and them put them through the full fledged nursing program while on the job. The military is also great about paying for college while on active duty. This could be a dual win in that you could be learning one skill while active duty and studying for a completely different degree in college. The point here is that there are many different ways to get that degree, you just have to be willing to look at as many as you can find!