A spokesperson confirmed that the students' two-year memberships will start when they activate their account, which they can do at any time (note: it's unclear when access to the two-year membership offer will expire). Peloton also told POPSUGAR that it is the schools' responsibility to enroll their own students once the memberships are gifted, but there is no limit to how many students at each HBCU can receive a membership; students just have to be currently enrolled. If this applies to you,