Yeah, Iona College does provide scholarships based on merit. Here are some of them:

Iona-Funded Awards
Minimum Criteria: test scores and academic ability
Separate application needed: No

New York State Achievement and Investment in Merit Scholarship
Total Worth: $500 per year
Eligibility: $500 per year
Minimum Criteria: have graduated with a grade point average (GPA) of 3.3 or above; have graduated “with honors” on a New York State Regents diploma or received a score of 3 or higher on two or more Advanced Placement (or AP) examinations; have graduated within the top 15% of his or her high school class.
Separate application needed: Yes

NYS Scholarship for Academic Excellence
Total Worth: $1,500 per year
Eligibility: $1,500 per year
Minimum Criteria: Be in good academic standing

Iona College provides aids at an average of 26200 per student meeting 13% of students need. 100% of students with need receive financial aid at an average of 5370 need-based grant. They also provide other scholarships including Yellow Ribbon Education Enhancement Program and Athletic Awards.