Nearly 100 colleges and universities across the nation will reduce their admissions quotas by some 16-thousand over the next three years in line with a steep decline in the nation’s population in the undergraduate age bracket.

According to the Ministry of Education on Thursday, 55 universities and 41 two-year colleges will cut their student intakes by 16-thousand-197 by 2025.

The ministry will provide 140 billion won to the schools this year to nudge colleges and universities to voluntarily reduce the size of their freshmen classes. About 120 billion won, or 86 percent, will go to schools outside the capital region, many of which are currently failing to meet enrollment quotas.

Eighty-eight percent of the scale-down will affect 74 institutions outside the capital region, while the contraction for the 22 participating schools in the greater Seoul area will account for just 12 percent.

Eligible universities may receive over seven billion won in state financial support, with the maximum figure for colleges capped at two-point-eight billion won.