wheel bearings on a 84 300TD

within the span of 350 miles my rear passenger has started making a grating noise that would chill any ones heart. it sounds like like a guillotine that needs oiling, or a thick wrap of aluminum foil that is being crumpled. it come and goes. no relation to the brakes,which look good. and when we raised the car. there was play in the wheel to and fro.when you turned the wheel you would pretty much get the same screeching sound.<br>
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my question is do i need to change the axle or just the two bearings.what else can cause this.<br>
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