@cyberchap
Great question.
From my knowledge, the most you can wave is one of the five years.
So with either your degree or qualified certificate, you can apply for a CISSP after having a demonstrated four years of experience in two or more of the domains in the Common Body of Knowledge.
You might wonder why. Many do. It is like an apprenticeship. Plus, having hands on security experience will help you in your career for years to come and on the CISPP Exam.
Paul