Spin Forest! Spin!
Join Date: Sep 2007
Location: Arrid Zone-a
Bikes: I used to have many. And I Will again.
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Disassemble and inspect the cones and cups. If the cones are pitted but the cups are smooth, then the hub is rebuildable with a replacement set of cones. But if the cups are shot, it's time for a new hub. Shimano doesn't market replacement cups for their low-end model hubs, if any.
Bearings are 3/16" Grade 25. Bag of 100 should be $4. Cones, under $10 for a pair.
A new hub can be found for as low as $10 (deore LX). But you'll need to relace the wheel and true it. Unless you know how and have a truing stand, expect to pay $.