In a collinear antiferromagnet with easy-axis anisotropy, symmetry dictates that the spin wave modes must be doubly degenerate. Theses two modes, distinguished by their opposite polarization and available only in antiferromagnets, give rise to a novel degree of freedom to encode and process information. We show that the spin wave polarization can be manipulated by an electric field induced Dzyaloshinskii-Moriya interaction and magnetic anisotropy. We propose a prototype spin wave field-effect transistor which realizes a gate-tunable magnonic analog of the Faraday effect, and demonstrate its application in THz signal modulation. Our findings open up the exciting possibility of digital data processing utilizing antiferromagnetic spin waves and enable the direct projection of optical computing concepts onto the mesoscopic scale.