'99 Pontiac Grand AM "Trac Off" light is on?

FoxSocks

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I am in no way whatsoever knowledgeable about cars, but my fiancee's car is having a few issues I'm seeking some general help to.

The car has previously been running fine until today after a heavy rain storm. After it rained, the car was started and the Trac Off light came on. The car was then making a grumbling or humming sound on the ride home. The manual suggested that the ETS button may have accidentally been turned off and to try to re-initiate it by pressing the designated button. It also suggested that perhaps the parking break was still up to a degree that it could be an issue. After checking the owner's manual for solutions to get the Traction System back up, we are at a loss.

After looking through several forums on information related to this car, it seems that the problem would be either bad wheel bearings or corroded wire connections to the hubs. Poking around for some price quotes, the high and round number of $500 kept coming up for the repair and installation of new wheel bearings.

Because the car is used on a daily basis, it is essential to get it back up and running with as little expense as possible.

Would bad wheel bearings or corroded wire connections cause the Trac Off light to continue to be on and am I correct in my assumption that this would be a costly repair to do?
 
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