Word or phrase to describe slacking because you think you already know everything

Solution 1:

You could say the student is suffering from the Dunning-Kruger effect:

The Dunning–Kruger effect is a cognitive bias in which relatively unskilled individuals suffer from illusory superiority, mistakenly assessing their ability to be much higher than it really is. Dunning and Kruger attributed this bias to a metacognitive inability of the unskilled to recognize their own ineptitude and evaluate their own ability accurately.

See also:

  • Delusions of grandeur
  • Hubris
  • Narcissism
  • Optimism bias
  • Overconfidence effect
  • Self-serving bias
  • Superiority complex

Solution 2:

The student in question is a victim of his own complacency.

From dictionary.cambridge.org:

complacency noun also complacence, disapproving ​

a feeling of calm satisfaction with your own abilities or situation that prevents you from trying harder:

What annoys me about these girls is their complacency - they seem to have no desire to expand their horizons.

There's no room for complacency if we want to stay in this competition!

From oxforddictionaries.com:

complacency (also complacence) NOUN

A feeling of smug or uncritical satisfaction with oneself or one’s achievements:

the figures are better, but there are no grounds for complacency