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SAN JUAN, PUERTO RICO -- Public schools are the latest victims of Puerto Rico's debt crisis.

The U.S. territory announced, Friday, that it will be closing nearly 200 public schools in the coming months to save $7 million.

About 27 thousand students will have to be relocated to other schools.

This is nothing new to Puerto Rico. From 2010 to 2015, 150 schools were closed. But the latest round of closures will be the largest in the Island's history.

Many who live there are now concerned over the quality of education the children will now receive and the future of their jobs.

Resident Shakira Carbrera said in a Facebook post, "If they want to save money, then reduce the salary for themselves and stop playing with the children's education."

And elementary school teacher Belinda Plaza told the Los Angeles Times, "I'm concerned about what this means for my family. We are worried about whether we will have a job."

Well, Puerto Rico is currently $74 billion in debt.

That sure sounds like a lot of money, but aren't there better ways to cut back on spending than cutting back on public education?