Is it permissable for me to pray in a handicap toilet when I am at university instead of waiting 2-3 hours before praying my zhur and asr prayer at home (Its a big rest room, so Im not really close to the toilet). I know that praying my prayers on time is very important but I do not have anywhere else I can pray at the moment. Should I wait til I come home, or pray at school in the restrooms?

Technically if the place of Salat is Pak ( Islamically Pak) then it’s ok to offer ones Salat their but in your case you should offer your Zohr prayers at home and not in a washroom. If you could pray your Salat in school’s or College’s field or sports ground then please do so rather than just wait till you get home.