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

Presidential Scholarship
Total Worth: Upto Full tuition
Eligibility: Upto Full tuition
Minimum Criteria: GPA 3.5 on 4.0 scale (will convert for other academic scales), ACT 27, SAT 1280
Requirement for maintenance: maintain a cumulative 3.3 GPA
Separate application needed: Yes
Application deadline: January 15

Millikin Merit Scholarship
Total Worth: 40,000-80,000 (10,000-20,000/year)
Eligibility: 40,000-80,000 (10,000-20,000/year)
Separate application needed: No

Long-Vanderburg Scholars Program
Minimum Criteria: minimum composite ACT score of at least 23 or SAT score of 1070 (combined math/verbal) and cumulative high school grade point average of 3.0 (on a 4.0 scale)
Requirement for maintenance: maintain a 3.0/4.0 cumulative GPA and actively participate in the program.
Separate application needed: Yes
Application deadline: January 15

Millikin University provides aids at an average of 18994 per student meeting 86% of students need. 100% of students with need receive financial aid at an average of 8345 need-based grant. They also provide other scholarships including ADM Scholarship and Sibling Scholarship.