hxcjunglist

OK. I couldn't find too much information on google about this, so I thought I might try something on a forum. I started my 2003 Subaru Legacy a couple weeks ago and the engine was making quite a racket. I turned the engine off imediately. I had a few people take a look at the engine with me and we noticed the timing belt was loose on the right hand side. The noise can be described as pot and pans falling down a set of stairs. Anyways, one of my friends said my engine was screwed because the valves and pistons may have crashed into each other because the timing may have jumped. Another person said it may not be that and I should just change the timing belt and see how it runs after that. I know I could probably have someone check the pistons out with a borescope. Anyways, my question is... How easy is it for an engine of this type to ruin the pistons and valves? I know the engine could be an Interference engine type, but I'm not sure. Basically I just want to know if I'm screwed or not before I replace the timing belt.