The school said Friday that Gerrity was granted a progress towards degree waiver.
The senior guard transferred to USC from Charlotte following the first semester of the 2008-09 season. The previous season he averaged 4.7 points and 3.5 rebounds in 26 games.
Gerrity began his college career at Pepperdine, where he averaged 14.1 points and 3.4 assists in 21 games as a freshman. He played in one game for the Waves in 2006-07 before transferring to Charlotte.
The Trojans play Tennessee on Saturday.