Yeah, University of St. Thomas does provide scholarships based on merit. Here are some of them:

St. Thomas Academic Scholarships
Total Worth: $5000 – $27,000 per year
Eligibility: $5000 – $27,000 per year
Separate application needed: No

UST Transfer Awards
Total Worth: $3,000 to $20,000 per year
Eligibility: $3,000 to $20,000 per year
Requirement for maintenance: Remains consecutively enrolled as a full-time student ; Maintains a 2.0 or higher St. Thomas GPA ; Has less than 160 total credits (total transfer plus all attempted St. Thomas credits) ; Has not completed all the degree requirements for their first Bachelor’s degree
Separate application needed: No

International Scholarship
Total Worth: 10% to 70% of tuition
Eligibility: 10% to 70% of tuition

University of St. Thomas provides aids at an average of 29564 per student meeting 86% of students need. 100% of students with need receive financial aid at an average of 23620 need-based grant. They also provide other scholarships including Fauth Business Scholarship and Music Major Scholarships.