Magic is very commonplace with everyone being able to do basic. Those with the ability to use and learn other magics and have the money can learn other types and become very powerful. 

Basic- everyone learns basic in school like writing or reading. Some things basic magic can do is Make basic potions to cure headaches, cold, flu
Light telekinesis up to 10 pounds
Healing small cuts and scraps

Elemental-The ability to control ice, water, fire, air, earth, and lightning. They can't create these things only manipulate them.
Manipulation of the elements 

Conjuration- The ability to summon items or creatures or send them places.
Summoning familiars 
Summoning items with an established connection up to 10 pounds
Disperse items and familiars to a location with an established connection 

Enchantment- The ability to enchant items
Can apply enchantments to items

Illusion- The ability to manipulate the look of a surrounding area, people, or items
Can change the appearance of a 15x15 area
Can change the appearance of a person
Can change the appearance of an item

Alchemy- The ability to create potions
Can create potions and poisons

Restoration- The ability to heal others and yourself
Can heal others and yourself 
Can heal humanoid creatures

Magic has no negative effects on the body when correctly used. However scars from incorrect casting is quiet common. Magic requires a lot of stamina so it's not good for battles or fights unless it's in a wizards duel.

There is one large college dedicated to all types of magic. It is the Clear Lake Mages College 

The only way to get better is to study, train, and practice.

There is only one Master per class of magic and there is one Grand Master who is a master of all magic. 

Basic magic and potions are the only two types of magic that do not require some type of attunement. An attunement is a staff, wand, or amulet in which you focus your casting. 

Establishing a connection with an object means you have bled on the object. While establishing a location connection means performing a ritual which involves drawing a symbol in your blood and meditating in the location.

Potions involves a cauldron and ingredients to preform.