baggy
Loose and hanging instead of fitting tightly.
Baggy describes clothing that's loose and hangs away from your body instead of fitting snugly. Baggy jeans pool around your ankles and bunch at the knees. A baggy sweatshirt has extra fabric that droops and sways when you move.
The opposite of baggy is tight or form-fitting. If you borrow your older sibling's clothes, they'll probably look baggy on you. As you grow, clothes that once fit perfectly gradually become baggy until they're so loose they're practically falling off.
Fashion goes through cycles where baggy styles become popular, then fade away, then return again. In the 1990s, extremely baggy jeans and oversized shirts were trendy. Today's styles tend toward slimmer fits, though baggy looks come and go.
You might also hear baggy used for other things that sag or droop: baggy eyes describe the puffy, dark skin under someone's eyes when they're exhausted. Baggy knees on old pants show where the fabric has stretched out and won't spring back.