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

Admission Merit Level Scholarships
Total Worth: 5,000 – 23,000 per year
Eligibility: 5,000 – 23,000 per year
Separate application needed: no

Benjamin Templeton Scholarship
Total Worth: full-tuition
Eligibility: full-tuition
Separate application needed: yes
Application deadline: December 1

Crowe Scholarship
Total Worth: 2,000-5,000
Eligibility: 2,000-5,000
Minimum Criteria: 3.3 cumulative high school GPA
Separate application needed: yes
Application deadline: November 1

Hanover College provides aids at an average of 29008 per student meeting 86% of students need. 100% of students with need receive financial aid at an average of 26222 need-based grant. They also provide other scholarships including PELL-ELIGIBILITY AWARD and LILLY SCHOLARS PROMISE.