Before we get into the details of this year's Level 3 exam results, there are two useful things to understand. First, the legacy of Covid still looms - and in quite a unique way for these Year 13s. Exam results spiked in 2020 and 2021 when exams were cancelled and grades were based on teachers' assessments. Most students getting results today were in Year 8 when all that started. By the time they were in Year 11, a phased effort to bring grades back down had reached its final stage in England. The result? Their GCSE results were lower, and fewer met the mark to start A-level courses. It means this cohort of A-level students is seen, in the words of Ofqual's chief regulator, as "smaller" but "stronger". The second thing to understand is that universities are worried about their finances. There has been a fall in the number of international students - who pay higher fees - coming to UK universities, due in part to changes to visa rules last year. The chief executive of the Universities and Colleges Admissions Service (Ucas) said universities were keen to enrol UK undergraduates this year because they offered "stability" for "financial planning". Here is everything you need to know about what has been a huge day for teenagers across the country. Results day live: Answering your questionsHow much does university cost and is it worth it?What is an apprenticeship and how much are apprentices paid?