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

The Prescott College Fellowship
Total Worth: Full tuition award
Eligibility: Full tuition award
Requirement for maintenance: Maintain satisfactory academic progress as a continuous full-time student at the college

Trustee Scholarship
Total Worth: $12,000 per year
Eligibility: $12,000 per year
Minimum Criteria: Highest academic talent

President’s Scholarship
Total Worth: $10,000 per year
Eligibility: $10,000 per year
Minimum Criteria: Demonstrate outstanding academic achievement

Prescott College provides aids at an average of 25733 per student meeting 74% of students need. 100% of students with need receive financial aid at an average of 21683 need-based grant. They also provide other scholarships including Freedom Education Fund and Prescott College Cycling Club Scholarship.