1988 Lincoln Mark VII Power steering

Hi, my car has had some problems lately. After I had it in the shop to change the radiator, the CHECK SUSPENSION light came on. It feels like the back right suspension is down. I didn't think it was important. But now the power steering has gone. It makes loud noises when I turn the wheel, and its almost impossible to turn when driving slow. My question is:
Will this be an expensive repair?
Does the two things have something to do with each other (will I need to fix the suspension)?
Thanks!