Nancy Grace has advice for Lori Loughlin as she faces possible prison sentence (Exclusive)

Nancy Grace is offering up her opinion regarding Lori Loughlin's involvement in the college admissions scandal.

The outspoken legal commentator and TV personality weighed in on the Fuller House star's legal woes when ET spoke with her at DailyMail.com and DailyMailTV's holiday party held at the Cathédrale restaurant in New York City.

Loughlin and her husband, Mossimo Giannulli, are accused of paying $500,000 in bribes to get their daughters, 20-year-old Olivia and 21-year-old Bella, admitted to the University of Southern California as recruits for the crew team, even though neither had ever participated in the sport. Loughlin and Giannulli have pleaded not guilty to all charges against them.

Grace, 60, offered up some advice for the couple, telling ET, "Follow the counsel of your lawyers but always, in every way, tell the truth -- which is sometimes very hard to do."

As for what she thinks the future holds for Loughlin, Grace said, "When you don't know a horse, look at his track record. Other co-defendants charged in similar crimes have gotten jail time -- and very stiff fines. So I think with that in mind, I would try to work with prosecutors."

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One such co-defendant is Felicity Huffman, who completed a 14-day prison sentence in October. The 56-year-old actress admitted to paying $15,000 to help get her eldest daughter, 19-year-old Sophia, into an elite college by cheating on the SAT. She formally pleaded guilty to charges of mail fraud and honest services mail fraud back in April.

Grace thinks Huffman handled her case "incredibly."

"I think that saying, 'I did this, I'm embarrassed, I've caused my family a lot of pain,' ...it's not just for the public, it's for your children," she told ET. "To see mom say, 'You know what, I did something wrong. I was misguided, I was wrong.' And when an otherwise totally wonderful and good person stands in front of a judge and says, 'I screwed up. I did something horrible.' It's really hard to maintain your anger and seek retribution when someone's admitting they did this thing."

Grace added, "I think Felicity Huffman did an incredible job. And based on that, I know she did a bad thing but I think she set a really good example for her children by telling the truth."

Last month, a source told ET that Loughlin is "terrified" as she faces prison time if found guilty.

"She is breaking down," the source said. "Those closest to her are devastated because she has been a good person to them and know she could be facing jail time because of very poor judgement. Her friends are supporting her and keep reminding her if she does time behind bars she will get through this."

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