If the faculty haven't touched the site, the students will get the message that the course is not yet ready.
If the faculty have started working on the site, the students might get the denied access message.
Tell students all sites for courses that start on 1/22 will be available on that day. They can check back from time to time before then to see if the site is ready, but the faculty aren't obligated to allow them in till 1/22 (or whenever the course starts).