Replacing the bearings was easy and inexpensive.  I managed to find new bearings in a local auto parts store for around six dollars each.  After carefully separating the motor halves to expose the bearings I gently tapped the old bearings out with a soft hammer and inserted the new ones.  While I had the motor apart I replaced the impeller also because the plastic looked fatigued and it was less difficult to do it while I had the motor apart than to take it apart again at a later date just to replace the impeller.  So far, the pump is running like a new one and it only cost fifteen dollars total in parts to make the repairs.  Definitely better than having to buy a new motor.