I just found some notes I wrote on this subject a while ago. It was just some musings, not an actual system, but there's some decent ideas in it!
Here's what I did:
d20 Modern as a base.
New classes for students. These classes are grossly under-powered compared to the regular classes, but when the student reaches age 15+ they go through a conversion process and start taking regular levels.
Magic is broken up into skills by spell type:
Transfiguration (Changing a creature or object’s form or appearance, or actual polymorph effects)
Curses (Attack spells. The less dangerous ones are called Jinxes or Hexes)
Metamagic (spells that affect other spells or magical effects)
Charms (Seemingly everything else)
In addition, the class has a "spells known" column. This is a single number, the spells don't have levels. You can cast a spell you don't "know" but at a big penalty.
Each spell has a casting DC and might have prerequisites. The prerequisite could be a stat or a feat, but is most often having some other spell on your "known" list. This takes the place of spell levels and instead means that you have to lead up to powerful spells by knowing simpler ones first.
I had this quick list of casting modifiers:
Spell not known: -10
Somebody else’s wand: -4
No verbal: -4
Specifying Target: +2 for specifying the target. This increases casting time to a Full Round action. Can’t be combined with “no verbal”.
Extra time: +2 for increasing casting time to one full round.
No wand: -10, and all failures are critical failures
There's a little more. I can post a link if people are interested. I am cross-posting this in Xythlord's thread.