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Depends if the steering pump is bad or not. Quick test - siphon some of the powersteering fluid out and take a peek at it. If it has little flecks of metal floating around in the fluid - you are going to be looking at a pretty hefty bill. From your description - sounds like the seals could be going (noise when not loaded, turn the wheel to load the system - noise stops).
Before you condemn the pump - try flushing out all the old fluid with fresh fluid. OEM recommends plain old Dexron II/III ATF (should be marked on the powersteering reservoir cap). Power steering fluid can be used, but you need to get "all" the fluid out before you can make the switch. Toyota used to sell PS fluid that is basically ATF without the red dye - I stocked up on this years ago, not sure if they still have some. Last time I checked, they switched to Accel fluid (clear, viscous, petroleum odor).
Doesn't have to be too complicated - you can siphon out the fluid of the reservoir and do successive fluid exchanges over time (Mityvac or similar works great here) - or you can disconnect the return line and drain it directly into a pan while maintaining fresh fluid in the reservoir (sort of like a transaxle cooler line flushing - can be messy).
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2002 Corolla S, 1.8L 1ZZ-FE VVT-i
2003 Matrix XRS, 1.8L 2ZZ-GE, VVTL-i (RIP)
2009 Matrix XRS, 2.4L 2AZ-FE VVT-i
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