The only way it is a bad thing is if it is interfering with other parts of your life. You say it's interfering with your studies, which isn't good. If it interferes with dating, socialization, hygiene, or anything else that should be important, that's not good either.
It won't affect your health unless you are injuring yourself somehow. It won't affect your sexual life in the future unless it is getting in the way of you going out and meeting girls. Otherwise, masturbation is normal and healthy, not something you should be ashamed of.
If you do feel like it is starting to interfere with your life, try to focus on the things that you should be doing instead before you let yourself masturbate. Study out of your room where there are other people. Find other things to occupy yourself in your free time, as well. Go out with your friends.
If you find that you cannot control it, that it is too compulsive, then it may be beneficial to talk to a doctor or counselor about it. I know it's embarrassing, but your problem isn't uncommon. It may be due to stress or something like that.