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

Board of Directors Scholarship
Total Worth: $28,000 per year
Eligibility: $28,000 per year
Minimum Criteria: Based upon highest combined subscore of the (ACT or SAT) and GPA.

Presidential Scholarship
Total Worth: $21,000 – $25,000 per year
Eligibility: $21,000 – $25,000 per year
Minimum Criteria: Based upon highest combined subscore of the (ACT or SAT) and GPA.

Honors Scholarship
Total Worth: $18,000 – $20,000 per year.
Eligibility: $18,000 – $20,000 per year.
Minimum Criteria: Based upon highest combined subscore of the (ACT or SAT) and GPA.

Valparaiso University provides aids at an average of 31812 per student meeting 94% of students need. 100% of students with need receive financial aid at an average of 30370 need-based grant. They also provide other scholarships including Alumni Heritage Scholarship and Air Force ROTC Scholarship.