Lori Loughlin and Mossimo Giannulli Agree to Plead Guilty in College Admissions Case

Lori Loughlin and Mossimo Giannulli have agreed to plead guilty to conspiracy charges connected to the college admissions case, according to an announcement from the Department of Justice Thursday morning.

Under the terms of the agreement, which is still pending a judge’s approval, Lori will serve 2 months in prison and Mossimo will serve 5 months, the DOJ said in the announcement.

Loughlin, 55, will admit to one count of conspiracy to commit wire and mail fraud and Giannulli, 56, will plead guilty to one count of conspiracy to commit wire and mail fraud and honest services wire and mail fraud.

Loughlin's agreement calls for serving two months in prison, as well as paying a $150,000 fine and having two years of supervised release with community service.

Giannulli's agreement calls for five months in prison, paying a $250,000 fine and having two years of supervised release with 250 hours of community service.

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The couple will formally plead guilty in front of a judge on Friday morning at 11:30 a.m. They are the 23rd and 24th parents to plead guilty in the college admissions scandal.

According to the DOJ, the charge of conspiracy to commit mail and wire fraud and honest services mail and wire fraud could warrant a sentence of up to 20 years in prison.

“Under the plea agreements filed today, these defendants will serve prison terms reflecting their respective roles in a conspiracy to corrupt the college admissions process and which are consistent with prior sentences in this case. We will continue to pursue accountability for undermining the integrity of college admissions,” United States Attorney Andrew E. Lelling said in the release.

When asked why they agreed to plead guilty now, a legal source told PEOPLE, "This was a now or never deal. It was presented as the last clear chance for them to plead before going to trial, and they knew that if they were found guilty, they were realistically looking at more than a year behind bars, probably more like three or four."

“Lori and Mossimo are going through the legal process and want to put this behind them," noted a source close to the couple.

The Full House actress and her husband were accused of paying $500,000 to Singer and Key Worldwide Foundation to falsely designate their daughters Olivia Jade Giannulli, 20, and Isabella Rose Giannulli, 21, as recruits to the University of Southern California crew team, even though neither of them ever participated in the sport.