This article from Tuesday's Education Guardian is a good example of how some newspapers treat slang. While some of the definitions aren't exactly wrong (and it's tricky to say if a word meaning is ever really wrong if someone uses it in their own way with their peers) they're certainly only half the picture. To call these examples of "student slang", as Lucy Tobin does, seems to be forgetting that many of the terms (waste, wagwan, allow that/it, among others) originate specifically from young inner city (often black) roots. They might have spread to university campuses with the increasing numbers of working class and inner city students entering university over the last 10 years, but I suspect that only a handful originated on the campuses themselves.
However, grumbles aside, it's quite a good read as a source of inspiration for an ENGA3 Language Intervention (or even a B spec media text?) and there's even a quiz you can take here to test your skills.