Holy Crap. 50lbs?
Being a year-round drysuit diver my knowledge of wetsuits is fairly shaky, but I think a new (with arms, not a john) 7mm suit is about 20lbs positive at the surface, if you're diving with an AL80 for a tank, which you probably are, those are about 4lbs positive when completely empty, so that's 24lbs right there. Let's be generous and say that your BCD, when empty is 5lbs positive. That makes for a grand total of 29lbs required to keep your equipment from floating to the surface at the end of a dive, although considering you're in a rental suit and your BCD probably isn't 5lbs positive, its probably not that much. What ever weight you need to add after that depends on how much you yourself float, which is depends quite a bit on how you're put together. If you have a lot of body fat, or are just not a dense person you'll probably need a bit more. If you've got a lot of muscles, big bones or whatever you may be able to actually take some of that weight off. If you happen to be 21lbs positive, I wouldn't worry too much about drowning.
Next time out insist on trying 30-35lbs if you're not so fit, less if you are. If you have the option to, bleed your tank down to about 500 psi and see if you can still sink. If you sink quickly, you need to ditch more weight, if you sink very slowly you're pretty close and if you pop up to the surface then add a few pounds. DO NOT do this on your own, accidents can happen even in shallow water.
A couple of tips (even though you didn't ask for them) for the next time you're out:
1) Watch your breathing. A lot of new hold their breath underwater without realizing it. Are they stupid or did they not pay attention to that part of class? No, they're just concentrating really hard on diving. Sometimes people hold their breath while starting the descent. They don't realise they're doing it, they're just a bit nervous or excited. SO watch your breathing, I know that there are about a million other things to concentrate on as well, but seriously, just spend a few minuted getting worked into a nice rhythm, things will be easier and you'l be able to shed some weight. Exhale to descend.
2) Pay attention to your fins. I have noticed that many people absentmindedly fin while trying to descend. If your instructor doesn't catch this they'll probably think you're a floaty person and slap some more weight on you until you sink. This can be dangerous. Cross your fins if you have to. Also, watch that you're not pointed towards the surface while you're finning underwater, for much of the same reasons.
There should be a section in your Open Water manual on checking for proper weighting, if you decide to try this out keep those two tips in mind.
I wish you the best of luck with your diving. If they try and send you out with 50lbs again just tell them that you thought that was too much, that ascending last time was harder than you thought it should be and that you thought the BCD has having trouble floating you at the surface, they'll probably listen.