Note this is speculation on my part. Any replies with your own ideas would be appreciated, but please employ the format used below :D
School: Spell name Damage: [Insert damage here] Graphical description: [What the spell looks like] Pip count/Rank: [Insert Pip count/Rank here]
In the following ideas, all Pip count/ranks are 10. Damage sections are experimental.
Fire: Divine Wrath Damage: 900 fire damage to all enemies + 25% fire damage trap Graphical description: 6 fiery angels descend from the high heavens, toting flaming swords and shields. They form a circle in midair, and point their swords at the target. A giant beam shoots from the center of their circle, dealing intense fire damage.
Ice: Diamond Dust Damage: 700 ice damage to all enemies + 200 Ice damage over 2 turns Graphical description: A large block of ice forms in the center of the combat circle. It fractures, and the shards of ice float around the circle for a few moments before priming on a target and shooting at it, dealing intense ice damage and leaving behind a DoT.
Thunder: Ocean's Fury Damage: 1000 storm damage to all enemies + Stun Graphical description: Combat circle fills with water. It rises up and coalesces into a large sphere around the target, remaining so for about 3 seconds before flying into the air and slamming down onto the target.
Life: Nature's Whim Damage: 750 heal to all friends or 750 life damage to all enemies Graphical description: A woman with dirt for skin and grassy leaves for hair, wearing a green leaf robe, rises from the ground. If she decides to damage enemies, the ground around them grows plants which strangle the enemy, dealing damage. If she decides to heal your team, she will thrust towards the target a wall of green energy. As it moves towards the target, the ground underneath it will grow flowers.
Myth: Kampe Damage: 800 Myth damage to all enemies + remove one positive charm Graphical description: Kampe, prison guard of Greek mythology, descends from the heavens. She has a green reptilian body, has four legs, and has the torso of a human woman. In each of her two arms she carries a great sword, with which she slices her opponents.
Death: Lord of the Dead Damage: 840 Death damage to all enemies, convert 1/4 to health. Graphical description: Lord of the Dead is to Hades as Storm Lord is to Zeus. A pale man with black flames for hair rises from a great pit in the earth sitting on a throne carved from bone. He rises, and reaches out towards the target, and pulls life force from their chest. He relinquishes the life force to the caster in the same way as Wraith.
Balance: Star Death Damage: 250 Balance damage to all enemies followed by 650 Balance damage to all enemies and take all positive charms Graphical description: The star for Power Nova appears in the battle circle, and starts to pulsate wildly. After a moment, it explodes like a super nova, dealing 250 damage to all enemies. The debris left behind collapse into a massive black hole, which sucks away the positive charms of enemies and deals 650 balance damage to each.