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

Merit Scholarships
Total Worth: $12,000 to $25,000 per year.
Eligibility: $12,000 to $25,000 per year.
Minimum Criteria: based on academic achievement, extracurricular involvement, demonstrated leadership, and/or special talents.
Requirement for maintenance: maintain a cumulative GPA of at least 2.75.
Separate application needed: No

Scholarships for Iowans
Total Worth: $12,000 per year
Eligibility: $12,000 per year

Grinnell College provides aids at an average of 47058 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 41902 need-based grant.