Control Arm Replacement

1.) 1994 Pontiac Grand AM/ 2 door/ V6 3.1L/
2.) 120,000 miles approx.
3.) Automatic transmission
4.) It makes grinding sounds when turning and can no longer drive.
5.) No fluid leaks.
6.) I've had my transmission rebuilt about 2 years ago on this car.

I did my own research on this. My car has been parked for almost 2 months now and I am unable to drive it for fear of causing much more damage or the car falling apart.

I took pictures of what seems to be the problem.
(pictures are facing the front of the car on the driver's side, just under the driver side wheel)

It seems to be part of the control arm on the driver side (upper and lower I believe) that is missing. A big chunk of it is torn out.

I don't know that the control arm is or isnt the only thing wrong with my car because the driver side wheel has moved up to the front of the wheel well and is just barely touching it.

My car is old so it is rusted underneath and this part needs to be definiately replaced.

I am a very poor college student and have no job at the moment. I have about $500.00 left from my grant for school and need to get my car repaired with that.

I would like to know if I have the diagnosis correct or if it is something else? And how much will it cost to fix at a car repair shop? Any other suggestions are appreciated.

Thanks!