Another symptom is a "growling" sound from under the hood when turning the wheel.
Gosh, how much is this going to cost? Well, expect $200+ if you take it to the shop. This DIY repair cost less than $50.
Over the course of a vehicle lifetime, it will likely become necessary to replace or rebuild the power steering pump due to leakage. The power steering pump is a hardened pump, where the failure mode is normally fluid leakage around the gaskets and seals.
So which to do? A replacement or a rebuild? In my opinion, the power steering pump should be viewed as a line replaceable unit. Rebuilding will not be addressed in this instructable.
The pump replacement is easy to do once a few tricks are recognized. For example, do not attempt pump replacement without locating a power steering pump pulley puller. Using a standard pulley puller may make the pulley out of round -- not a good thing!
This paper outlines pump replacement on a 1987 Ford Thunderbird 3.8L V6. The original pump lasted more than 300,000 miles.
Expect Total Time to Repair around 4 hours.
Have fun, and be safe!