What am I going to do with points? How much do I need?
Masters/Mistresses will be the ones who'd be needing the points the most because they are not allowed to claim any Familiar if they haven't obtained 350 points. If you wish to change your Familiar, it will require another 350, so please be careful, serious and definite of who you claim. Be active and use the groups. They are there for a reason.
Why, what about the Familiars? Aren't we going to need points?
No, you're going to need points too. Just in case you want to be freed from being a Master's/Mistress' possession, then these points are what you will use. You are going to use the same amount to free yourself.
Must my Master/Familiar be my love interest?
No, a Master-Familiar bond does not need to be a romantic one. It is possible to have Master-Master romantic relationships, but make sure what you prefer.
Do I need to be a student in the academy to be Familiar/Master?
No, you can be a well-renowned businessman or a cafe owner and still be a Master or a Familiar. Again, Fallen Academe is not the main setting of the roleplay. It is just where the bonding or claiming occurs, and it is where one applies to become a Master/Familiar.
+ subject to editing if more questions arise
+ please comment if you have any more clarifications