At my school, if there is a broken meter, you do not have to pay to park there.
Moreover, when the parking office hears that there is a broken meter, they will send someone to fix it. After fixing it, they will add the maximum time allowed to the meter.
So, sometimes you have to be careful.. Don't assume that if there is a broken 1hr meter, you can park there all day, because it is very possible that the parking guy could come around and fix the meter a minute after you leave your car, then give you a ticket an hour later.