Sentence:  I mean, school′s like a job. If you work for it you get your grades; if you work your hours you get your money. But if you bludge, you don't get money; if you <WSD>bludge</WSD> you don't get any grades. That's something that I didn't realize when I was young. 
Meaning of the word marked with <WSD> tags:  To do nothing, to be idle, especially when there is work to be done.