Some 25% of undergraduate and postgraduate students in the UK owe an average of £342 to payday lenders. Not only do 25% of students have money owing to payday lenders but a whopping 92.4% incur late charges, with 54.5% admitting to always being charged for paying back the loan late, according to Future Finance. And it's not just payday lenders who are benefiting from the financial struggle students face, as 24% of those studying admit they have gambled to try to improve their finances, while 13% have taken part in clinical trials. To supplement their student loans, nearly two thirds (64%) of students in the UK work part-time but more than a sixth of these believe this affects their studies. Meanwhile, more than half (58%) relied on the Bank of Mum and Dad for extra money, with only 8% of students saying they could rely on their university for support. Almost two-thirds (64%) of students spend a lot of time worrying about money, while more than a quarter were anxious that financial hardship would make then give up their university course. University students need an average of £8,000 above what government-subsidised loans provide to cover their tuition and living expenses, according to a report by the National Union of Students.Find the best loan for you Bad choicesBrian Norton, chief executive of Future Finance, said: "The growing gap between the costs of education and available financing sources is still leading students to make bad choices or, in some cases, exclude them from furthering education altogether." For the Moneywise guide to cutting the cost of student life, click here.