[Akhong]

Thanks for all your great opinions and advice guys! It is a difficult situation because we're all in school together..and as you know...starving students don't have all that much money :P

I'm going to try to take it back to the store where my bf got it for me..but all they do is send it back to the manufacturer (Canon in this case)...the difficulty with that is my bf's dad went through the same situation (dropped camera and lens would not retract) and they made him pay..so..I'll likely have to pay for any repair.

And the decision is:
I'll pay for the repairs but will GLADLY accept any money my friends offer (although I doubt they will...)

Thanks again everyone! Your advice and opinions are GREATLY appreciated!