It is completely possible. Personally I still do not have a Degree and have nearly 15 years of experience I have worked in IT ever since I got out of HighSchool. Albeit I started at a lower Wage then someone with a 4 year degree, but I also did not have the Student Loans;)
15 years later I work with people who have PHD's and MS in Comp Sci and make the same or nearly the same wage