Although colleges and universities have increased their debt over the past several decades, they appear well-positioned to manage it, according to a new report from Ithaka S+R.

However, the picture of debt differs by category of institution—particularly at Historically Black Colleges and Universities. For these schools, the purpose of borrowing may have been more elemental: meeting payroll and keeping the lights on. 

Long before he graduated high school, Adam Wannamaker knew the career path he would pursue. He wanted to follow in his father’s footsteps as a field technician for big equipment makers. 

A partnership between Caterpillar and Portland Community College in Oregon is helping him do that and more with a paid two-year apprenticeship and a degree.

Employees want well-paying jobs with potential for growth, and employers want qualified employees they can count on. Meeting these two needs means expanding the definition of education beyond the traditional degree and translating the value of other credentials to both groups.

In this interview, Joel Vargus of Jobs for the Future explains the ongoing debate between skills obtained through work experience vs. the traditional college degree.