Lori Loughlin and Husband Enter Guilty Pleas — But Judge Says He Can't Accept Them Yet

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

More than a year after rejecting a plea deal from federal prosecutors, actress Lori Loughlin and her fashion designer husband, Mossimo Giannulli, appeared before a federal judge via video conference Friday to plead guilty to charges stemming from the college admissions cheating scandal.

However, the judge said he couldn't accept the pleas until he sees their pre-sentencing reports from the Massachusetts Probation Service.

Loughlin, 55, pleaded guilty to one count of conspiracy to commit wire and mail fraud while Giannulli, 56, pleaded guilty to one count of conspiracy to commit wire and mail fraud and honest services wire and mail fraud.

The couple were the 23rd and 24th parents to admit guilt in the college admissions scandal. During Friday's hearing, Loughlin rocked from side-to-side, occasionally speaking with her lawyer and looking out the window.

One of the first was actress Felicity Huffman, 57.

Under the terms of the plea agreements, Loughlin will serve two months behind bars and Giannulli agreed to serve five months. The judge scheduled the sentencing hearing for the couple for Aug. 21.

In addition, Loughlin was ordered to pay a $150,000 fine and was placed on two years of supervised release with 100 hours of community service.

Mossimo Giannulli and Lori Loughlin. L. Cohen/WireImage

Giannulli has to pay a $250,000 fine. He, too, will be on two years of supervised release and must complete 250 hours of community service.

Prosecutors dismissed charges of money laundering and federal programs bribery that were added after the case was initially filed.

Friday's pleas is another step in the couple's year-long legal ordeal, and come five months before Loughlin and Giannulli were set to stand trial.

Had they gone to trial and been convicted, each faced up to 20 years in prison for each charge against them.

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

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Loughlin, best known for her role as Aunt Becky on Full House, and her husband were accused of paying $500,000 to admissions consultant William "Rick" Singer and his nonprofit organization, 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.

Olivia Jade Giannulli.

Isabella Giannulli.

Prosecutors said Key Worldwide Foundation was actually a front for accepting bribes; Singer admitted his role as the ringleader of the scam and pleaded guilty to multiple charges.

Both daughters are supportive of their parents' decision, after initially fearing they would end up serving years in prison, a source tells PEOPLE.

News of Loughlin and Giannulli's plea deals broke Thursday morning. Ever since their arrests back in early March 2019, the couple had maintained their innocence.

They were among 50 people charged by the U.S. Attorney's Office in Massachusetts, which investigated the college admissions scandal and handled the prosecutions