I am currently a college student interested in learning the Thai
language.  Is there a college which offers Thai Language courses on a
correspondance basis?

Taking a language as different from English as Thai would be very
difficult in a correspondance environment. The course would likely
come with audio CDs, but if that is the case you might be better off
getting a nice language learning program for pronounciation and
finding a Thai speaking penpal to test on.

The interactive CD software is nice for language basics, but you need
a speaker to test on if you are going to advance.

As for software, Rosetta Stone makes some good programs. I've NEVER
tried any of their oriental languages so I can't vouch for them, but
they are a creadible and fairly well known company. Here is the Thai
software from their Catalogue:
http://www.rosettastone.com/ind/catalog?language=tha

Basicly it is formatted like a game with images at first. So you pick
images that go with words and you can hear them pronounced by the
software. Then later on it starts forming phrases with some words you
know and some you don't so you can learn to use context clues to
determine which picture they are talking about. Military has some
programs like this for people to use Pre-deployment. It won't make you
fluent, but it might give you a starting vocabulary and pronounciation
guide.