I will be studying at a University in Bangkok in the beginning of August, however I just submitted my visa application. My fear is that my visa won't be processed in time for my departure, which leaves me with a few options. I could either wait and hope that my visa gets processed in time, move my departure date (thus missing the first few crucial days of school), or possibly enter on a tourist visa whilst waiting for my visa to arrive. So my question is, is this even an option? Can I enter Thailand on a tourist visa until my actual ED multiple entry visa is processed and sent back to me?

Normally visas at an embassy or consulate are processed and issued in just a few days. They have to have your passport to issue your visa so you could not leave and take it with you tor travel to here.

If you will be attending at a university full time you do not need a multiple entry visa. You can get a single entry non-ed visa and apply for a one year extension of stay at an immigration office.

You could travel to here on a tourist visa start school and then with paperwork from the university possibly change to a non immigrant visa at immigration.

By the way, I am American, aged 22. I should also point out that I have two, US government issued passports (one currently in my possession since I am already abroad, and the other is being sent to the Royal Thai Consulate in LA to process my visa application).

You failed to include the info you just posted in this topic. I have just removed your other topic where you did include it in the topic.

You could enter the country on a tourist visa and start school.

Then when you get your other passport you would have to fly out using the passport you entered the country on and then re-enter the country using your other passport to use the visa for entry.