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You simply have skill points, and you can use them to buy spells in the magic schools when you level up.
If by "school" you mean some kind of building, then it will probably be located on the map, and you need to go to it to buy spells.
If "school of magic" is one of the schools of magic, then you immediately choose a spell, but this seems absurd to me. How can you use the same points to first upgrade light magic and then choose spells for it? I don't know.