Among the charges faced by Farouk Boudjemline, known as Rifka, and Mohamed Aberkane, alias Stanley, were criminal association, forgery, theft, fraud and money laundering.
Their co-accused Numidia Lezoul faced the same charges but was acquitted.
All three are well-known in the north African country, and were originally sentenced to one year each and fined the equivalent of 650 euros for promoting the "Future Gate" agency.
Oussama Rezagui, the head of the agency, was given a six-year jail sentence, reduced on appeal from seven years, and a heavy fine.
The scam involved charging students large sums to arrange their university registration and provide accommodation, but left them to their fate once there.
This ruse had defrauded many Algerians wishing to study abroad, particularly in Russia, Ukraine and Turkey.