Under the proposed plea deal, both the actress and her husband will serve time in prison.
Lori Loughlin and Mossimo Giannulli have agreed to plead guilty in the college admissions scandal.
The U.S. Attorney’s Office in the District of Massachusetts announced on Thursday that Loughlin will plead guilty to one count of conspiracy to commit wire and mail fraud, while Giannulli will plead guilty to one count of conspiracy to commit wire and mail fraud and honest services wire and mail fraud.
If approved by the court, Loughlin's plea deal states that she will serve two months in prison and two years of supervised release, pay a $150,000 fine, and complete 100 hours of community service. Meanwhile, under his proposed plea deal, Giannulli will serve five months in prison and two years of supervised release, pay a $250,000 fine, and complete 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," said United States Attorney Andrew E. Lelling. "We will continue to pursue accountability for undermining the integrity of college admissions."
ET has learned that Loughlin and Giannulli's plea hearing, which is scheduled for Friday, May 22 at 11:30 a.m. ET, will take place via video conference.
Loughlin and Giannulli were accused of paying $500,000 in bribes to get their daughters, Olivia Jade and Isabella Rose, admitted to the University of Southern California as recruits for the crew team, though neither of them had ever participated in the sport.
They initially pleaded not guilty to all charges leveled against them, claiming their payments were donations to the school and not bribes.
The couple's decision to plead guilty comes nearly two weeks after Judge Nathaniel Gorton declined to dismiss the charges against Loughlin, Giannulli, and several other parents after they accused investigators of fabricating evidence.
At the time, a source told ET that Loughlin had "no plans to back down from her not guilty plea," though the court's decision did make her "nervous."
"She strongly believes that [bribery scam ring-leader Rick] Singer misrepresented himself and, because she thought he'd acted on behalf of the school, she feels she is innocent," the source said at the time. "... [Loughlin] never in her life thought that she would ever be in this position, and it's almost like a bad dream she can't wake up from."
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