A pretty neat and organized little system that's still quite open ended. Nice. I'm curious if there are schools of magic for healing, force, sound, light or darkness? Or if these kinds of magic are interspersed among the schools you listed?

And/or are there any Divine arts? Or is all magic learned and therefore Arcane? 

I'm also intrigued that time magic is considered taboo in this setting. Not that I disagree with the choice, it's just interesting as a side note.