Fat, usually when something is privatized it's done to save money, and have a preset annual cost. That cost includes everything, not just wages paid. For example, it includes the wages paid to the people who are replacing you, all of the administrative costs, all of the operational costs, and all of the misc. costs.
It also reduces the size of the staff needed to administer that money. Much of the staff, once needed to administer to the school's operations, can now be done by the bank, instead of a school employee or team of employees.
You'd also need to know the scope of the privatization agreement. Who is responsible for the up keep of the buildings, the utilities the buildings use, etc.
Usually, while salary costs might be higher, the entire package when viewed over the full scope of the arrangement results in a net savings to the people paying the bill.
Have you thought about applying for a job with the company that is displacing you. Usually they are pretty good at hiring people who are familiar with the environment they've assumed. Be aware that your salary, and your benefits package would probably be different, though.
I understand that it sucks being displaced, but, you might want to take advantage of an opportunity to remain employed in your field, at least until you find something else, if that is what you ultimately decide. TO my way of thinking, anything beats unemployment, even if it's something temporary, by my choice, or theirs.
