Loughlin pleaded guilty to conspiracy to commit fraud in the wire and mail, and Giannulli pleaded guilty to conspiracy to commit fraud in the wire and mail and truthful wire and postal services.
Sentencing is set to take place on 21 August.
William Trach, Giannulli’s counsel, had sought an earlier sentencing date, stating at one point that the defendants were seeking “finality in this case.”
After the couple formally entered their guilty pleas, Loughlin closed her eyes briefly and seemed to be taking a deep breath.
The pair had tried as recently as two weeks ago to drop the charges and pleaded not guilty for more than a year but a source close to them told CNN this week they decided to finally put this behind them.
Loughlin, 55, and Giannulli, 56, were charged with paying $500,000 to recruit their two daughters as fake team recruits at the University of Southern California.
The agreement will sentence Loughlin to two months in prison and sentence Giannulli to five months in prison.
In addition, Loughlin faces a fine of $150,000, 2 years of supervised release, and 100 hours of community service. Giannulli is facing a fine of $250,000, 2 years of supervised release, and 250 hours of community service.
They allegedly paid $500,000 as part of a scheme with Rick Singer, the mastermind of the scam, and an official of USC athletics to get their two daughters into college as members of the crew team, even though they did not participate in the crew.
Giannulli sent Singer photos of his daughters sitting on indoor rowing machines as part of the scheme, which was then used to develop the athletic profiles, the criminal complaint notes.
“My daughter’s good news in (U)SC is bad because I had to work on the system,” Giannulli reportedly wrote to his accountant in an email.
Loughlin responded, “This is great news,” after Singer told Loughlin and Giannulli via email in November 2017 that their youngest daughter was provisionally accepted as an athletic recruit at USC.
“Just keep the hush until March,” responded Singer, according to US Assistant Attorney Eric Rosen.
“Yes of course,” wrote Loughlin.