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

Monmouth Academic Award
Total Worth: $2,000 and $17,000 per year
Eligibility: $2,000 and $17,000 per year
Minimum Criteria: Based on their cumulative high school grade point average and their standardized test scores or college’s GPA
Requirement for maintenance: Maintain a grade point average of at least 2.0

Monmouth University provides aids at an average of 28429 per student meeting 70% of students need. 100% of students with need receive financial aid at an average of 14099 need-based grant.