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

Chancellor’s, Director’s and Dean’s Scholarships
Requirement for maintenance: maintain the minimum requirements of satisfactory academic progress

Honors-to-Honors Scholarship
Total Worth: $6,000 per year
Eligibility: $6,000 per year
Minimum Criteria: 3.5 GPA
Requirement for maintenance: maintain the minimum requirements of satisfactory academic progress

Academic Honors Scholarship
Total Worth: $5,000
Eligibility: $5,000
Requirement for maintenance: cumulative GPA of 2.5 or higher and maintain the minimum requirements of satisfactory academic progress

University of Massachusetts Amherst provides aids at an average of 17495 per student meeting 83% of students need. 99% of students with need receive financial aid at an average of 10965 need-based grant. They also provide other scholarships including Community Scholarship and Award and Flagship Award.