How to fix power sterring problem?

I have a fiat punto 1.2 W reg i have only had it 3 months and all of a sudden the power steering does not work and there is a warning light of a steering wheel on my dash. At first i thought it was the wheel locked but i could still move the wheel but with great difficulty almost impossible to move. My warranty has just ran out as well. Does anyone have any ideas what this may be. I was thinking about getting this fixed then selling it im a student nurse can not afford to pay out load of money. Thank you

Dawn
October 2007