Assign usergroup by email address. (Buddypress, Membership)

I'm making a website that has a few criteria and would appreciate some help thinking through some setup options.

The site needs to have several user groups, I'm thinking buddypress to manage this that would allow users to post in their groups forum, their groups classifieds, etc...

The groups should be automatically assigned to the user on registration based on their email address, think universities. (, each would subscribe them to the group for School1 or School2.

Any ideas where to start on this? I was thinking I could use the Memberships plugin but I'm not sure it's extra features are needed, this might be achievable with just Buddy press. Just not sure where to start.