Upon being accepted into the Arcane University you are able to create your own spells.
Head to the Chironasium and access the Enchanting Alters.

From here you will be able to create your own spells.
For easy leveling up select the type of spell you wish to create (e.g Burden,Absorb), then set the preferences of the spell to the lowest quality and set it to 'self'.

Then you create the spell and there you go, you have a spell that is cheap, does not use a lot of magicka and can be used anytime without consequence.

*NOTE* You must be at least level 25 in any of the magical fields to create a spell.