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

Freshman Academic Scholarships
Total Worth: $7,000-$14,000 depending on SAT,ACT ,GPA
Eligibility: $7,000-$14,000 depending on SAT,ACT ,GPA
Minimum Criteria: GPA 2.69+; ACT 17+; SAT 930+

King University provides aids at an average of 24806 per student meeting 79% of students need. 100% of students with need receive financial aid at an average of 20503 need-based grant. They also provide other scholarships including King Performing Arts Major Scholarships and Lettie Pate Whitehead Foundation Scholarship.