Green’s Dictionary of Slang

1. (US campus) a wild guess, used to answer homework or examination questions.

1989

J. Doyle College Sl. Dict. 🌐 SWAG [Purdue] answer to homework or exam question usually written down minutes before it is due (orig. Scientific Wild Ass Guess).

2. (US) gossip, popular lore.

2010

A. Steinberg Running the Books 108: Every piece of prison swag I’d heard suddenly swirled into my head.