"This experience has taken a huge emotional and physical toll on both of them," a source tells PEOPLE of Lori Loughlin and Mossimo Giannulli

Lori Loughin and Mossimo Giannulli are still waiting for a judge to approve their plea deal in the nationwide college admissions scandal, but the Full House star and her husband are ready to put their legal nightmare behind them.

“Lori and Mossimo deeply regret what they did,” says a Loughlin source in the latest issue of PEOPLE. “This experience has taken a huge emotional and physical toll on both of them.”

On May 22, Loughlin, 55, confessed to one count of conspiracy to commit wire and mail fraud, while Giannulli, 57, pleaded guilty to one count of conspiracy to commit wire and mail fraud and one count of honest services wire and mail fraud.

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June 8 2020 cover of people magazine featuring Lori loughlin

Under the terms of the deal, which is still pending the judge’s approval, Loughlin agreed to serve two months in prison (though the coronavirus pandemic could affect that time), pay a $150,000 fine and do 100 hours of community service, while Giannulli agreed to serve five months, pay $250,000 and do 250 hours of community service.

Both could also spend two years on supervised release.

The actress and her husband were accused of paying $500,000 to Rick 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.

“Mossimo took the more active role of the two, and the money technically came from him,” says a legal source of Giannulli’s stiffer sentence.

“He dealt with Rick Singer more frequently and was the one who originally connected with him," says the legal source. "Lori was a bit more passive, but she was aware of everything that Mossimo was doing.”

Lori Loughlin and her husband Mossimo Giannulli are photographed leaving Boston Massachussetts courthouse where they are appearing in front of a judge facing charges of conspiracy to commit mail fraud and honest services mail fraud, with an alleged nation
Lori Loughlin and Mossimo Giannulli
| Credit: Splash News Online

Now with sentencing scheduled for Aug. 21, no matter the outcome, Loughlin and Giannulli are ready to move on with their lives.

“There’s light at the end of the tunnel,” says the legal source. “They want to serve their sentences, pay their dues and put this behind them.”