I'm not sure what the mx schedule is on that car, but generally timing belts are in the 75-95k range. So if it hasn't been changed since it was new I wouldn't be surprised that there was a failure at 120k.
On most cars, you want to change the timing belt, tensioner, water pump and maybe the thermostat at the same time. The big cost is the labor. I bought an OEM kit for my Golf and I think it was under $200 for all those parts together. If I had to pay for labor it would probably be in the $800-$1200 range (total with parts).
So as long as you're getting that fixed, update the rest of the parts.