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

Presidential Scholarship
Total Worth: $55,000 total in 4 years
Eligibility: $55,000 total in 4 years
Requirement for maintenance: Maintain a minimum cumulative CU Boulder grade point average (GPA):
2.50 cumulative GPA at the end of freshman year (after the second semester),
2.75 cumulative GPA at the end of sophomore and junior years (after the fourth and sixth semesters). Remain nonresident for tuition purposes.
Successfully complete a minimum of 24 credit hours each academic year
Separate application needed: No

CU Boulder Chancellor’s Achievement Scholarship
Total Worth: $25,000 total in 4 years
Eligibility: $25,000 total in 4 years
Minimum Criteria: Incoming nonresident freshmen in the top 25% of CU Boulder’s admitted nonresident freshman class
Requirement for maintenance: Maintain a minimum cumulative CU Boulder grade point average (GPA):
2.50 cumulative GPA at the end of freshman year (after the second semester),
2.75 cumulative GPA at the end of sophomore and junior years (after the fourth and sixth semesters). Remain nonresident for tuition purposes.
Successfully complete a minimum of 24 credit hours each academic year
Separate application needed: No

University of Colorado Boulder Esteemed Scholars Program
Total Worth: $10,000 to $20,000 in 4 years
Eligibility: $10,000 to $20,000 in 4 years
Requirement for maintenance: Maintain a minimum 3.0 cumulative CU Boulder grade point average (GPA).
Successfully complete the minimum credit hours at CU Boulder each academic year between the fall, spring and summer to renew the scholarship next year (does not include transfer or AP credit hours).
Through 2015-16: 28 credit hours each academic year
Starting 2016-17: 27 credit hours each academic year
Separate application needed: No

University of Colorado Boulder provides aids at an average of 15834 per student meeting 82% of students need. 98% of students with need receive financial aid at an average of 11013 need-based grant. They also provide other scholarships including Regent Scholarship.