Lori Loughlin & Mossimo Giannulli 'Want to Put This Behind Them' as They Take Plea Deal: Source

The couple pled guilty to conspiracy charges connected to the college admissions case

Lori Loughlin and Mossimo Giannulli want to move on with their lives.

On Thursday, the couple pled guilty to conspiracy charges connected to the college admissions case, according to an announcement from the Department of Justice.

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

Under the terms of the agreement, which is still pending a judge’s approval, the DOJ said Loughlin will serve two months in prison and Giannulli will serve five months.

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.

A legal insider tells PEOPLE that Loughlin and Giannulli regret not taking the deal earlier.

"In hindsight, they should have taken the first deals offered to them last spring, which were nearly the same exact terms as this deal," the insider says. "They would have spent their time in jail by now and we wouldn’t be having this conversation. But they were still reeling from the accusations and trying to understand what they did that was allegedly wrong and illegal, so they weren’t ready to take the deal then. But looking to the future, it made sense to take their medicine and move on."

Lori Loughlin and Mossimo Giannulli. Splash News Online

And now that they are moving forward, the stars feel a sense of "relief" — despite being disappointed about having to serve jail time.

"They're not thrilled, but they knew it was the right move. On that note, they’re breathing a sigh of relief. There’s light at the end of the tunnel," the insider says. "Neither of them wants to serve any time, and it’s likely that they'll serve the time that is recommended. But considering the hell that they’ve gone through for the past 15 months, the prospect of getting this behind them is very appealing. They could likely spend the holidays at home with the family."

"They want to serve their sentences ASAP so they can just pay their dues, take their medicine, get it behind them, and move on."

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

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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.

“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.

Loughlin and her husband were accused of paying $500,000 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.

Lori Loughlin with daughters Isabella Rose and Olivia Jade Giannulli

The couple originally pled not guilty, claiming they did not understand that their actions were illegal — and were depending on admissions consultant Rick Singer to instruct them how to proceed legally. A source told PEOPLE in December that “Lori was hoodwinked by Rick Singer.”

“There’s no other way to put it. She was convinced that she was making a donation, just like parents have been doing for years,” the source said, adding, “She did not have any intent to do something illegal, and in fact, she thought she was doing the right thing.”

Updated by Breanne L. Heldman