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Personal Finances

Inter-American Defense College

Personal finances vary between Advisors and Students, depending on the policies established by each country. Most Students and Advisors open a bank account at a local bank and make arrangements so that their salary is directly wired there. After opening a bank account, funds may be accessed through a debit card, personal checks and/or ATM transactions. In the state of Maryland, the state of Virginia, and the Washington, D.C. area there are several private banks with significant experience in the management of financial transactions for diplomatic and military personnel, due to the large number of embassies and attaché offices in the area.

 

Monthly Estimate of Living Expenses in the Area

 

Estimated monthly rent varies between $2,000.00 and $4,000.00, and requires a signed contract between the lessor and the lessee stipulating their rights and obligations. The contract usually requires a one to two-year lease, and a deposit corresponding to one month’s rent to covers any potential damages to the property. If nothing needs to be repaired, the deposit is reimbursed.

 

The local real estate market offers a broad spectrum of options, from apartments and fully-furnished houses, to housing units in which the lessee decides on the furnishing. Most apartments and houses include a washer, dryer, refrigerator, stove, dish washer, microwave oven, air-conditioning and heating. Below is a table with estimated monthly expenses based on the experience of those who have lived in Washington, D.C. and surrounding areas.

 

Table 1 – Housing Expenses

Item Monthly Value

Rent $2,000 - $4,000

Electricity $75-250

Gas $40-100

Water $40-100

Telephone $40-150

Food $500-850

Petrol $120-250

Cable TV/Satellite $50-200

Total USD $2,865-5,900

 

 

The above-mentioned expenses are estimated costs for the areas where IADC Advisors and Students usually live. Home insurance and car insurance have not been taken into account. Expenses may vary depending on personal circumstances.

 

Estimated Costs for Academic Travel and Local Visits

 

The trips and visits mentioned below are mandatory, as they are included in the College’s curriculum. You are expected to carry out eight local visits to institutions, such as the Organization of American States, Inter-American Development Bank, Inter-American Defense Board, World Bank, U.S. Congress, and U.S. Department of Defense, among others. All of these are in Washington, D.C. and these expenses should not exceed $200.00. You will also visit the Gettysburg Battlefield in Pennsylvania, which will cost approximately $80.00.

 

At the beginning of the course, there will be an academic trip to the United Nations (UN) and other organizations located in New York City. You will be expected to pay for accommodation and meals.

 

There will be an academic trip to Latin America. This trip will reinforce classroom knowledge and help in gaining a strategic appreciation of the region. The estimated expenses range from $3,500.00 to $5,200.00.

 

Table 2 – Academic Expenses

Item Double Room Single Room Daily expenses, food, etc.

Local visits (Washington, D.C.)     $200

New York $1,200 $1,650 250

Miami, FL and Colorado Springs, CO $600 $800 $300

Latin America $2,577.25 $4,185.50 $1,000.00

Total Lodging (estimate) $4,377.25 $6,635.5

Daily expenses, food etc.     $1,750.00

Maximum (estimate) $6,127.25 $8,385.50 $3,500.00

(All values are listed in U.S. dollars)

 

The above-mentioned expenses are estimated costs for the areas where IADC Advisors and Students usually live. It is important for you to consider that these are merely estimates based on the travel plans of the present academic period. You will probably visit other countries, depending on the planning of the course. However, these figures should help you reach an agreement with the entity responsible for your appointment regarding the amounts for per diem travel, both in the host country and abroad.

 

NOTE: Home insurance and car insurance have not been taken into account. Expenses may vary depending on personal circumstances.

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IADC

Inter-American Defense College

The Inter-American Defense College (IADC), located on Fort Lesley J. McNair, was formally opened on 9 October 1962 when the Honorable Dean Rusk, then Secretary of State of the United States, presented the building and furnishings donated by the United States Government.

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Established in 1962

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210 B Street Suite 1

Fort McNair Washington, DC 20319-5008

202.646.1337

The Inter-American Defense College is licensed under the Degree Granting Institution Regulations of the District of Columbia.

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