PAggieSpec is a low-cost, low-resolution optical spectrograph designed and built by students. It uses commercial lenses and CCD cameras to perform spectroscopy at a fraction of the cost of custom components. Testing showed PAggieSpec can reliably obtain spectra in the 4000-6000 angstrom range, but further investigation is needed to extend the coverage to the full visible range. While low-cost, PAggieSpec experiences light loss in the red wavelengths that requires more study to understand and address. The system demonstrates the potential of using commercial lenses for astronomy instrumentation at reduced cost.