In an interference engine the valves come far enough into the cylinders to slap the pistons if the timing is off. They are usually in more aggressive/powerful engines, holding the intakes open longer for more power. If your belt goes the valves drop and bam smashed valves and other bad things. It is very important to change the timing belts in interference engines, much cheaper than a new engine. That being said, if it is a NON- interference engine, not as big a deal. I have had a couple of Escort's that lost the belt, broke not jumped time mind you and all it did was leave me stranded. The book says 57k for the Escort and at 58k it broke, talk about knowing your specs.
If you have a Corolla no sport prob not interference. 4wd truck, V6 Camry, Sport Corolla than I would change it tomorrow If you don't know for sure.