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

The Arcadia University President’s Scholarship
Total Worth: full tuition scholarship
Eligibility: full tuition scholarship
Minimum Criteria: based on their grades, class rank, SAT and/or ACT scores, and leadership in school and the community
Separate application needed: No

The Arcadia University Distinguished Scholarship
Total Worth: $24,000 annually
Eligibility: $24,000 annually
Minimum Criteria: basis of their grades, SAT/ACT scores, types of coursework taken, high school rank and involvement
Separate application needed: No

The Arcadia University Achievement Award
Total Worth: up to $4,000 per year
Eligibility: up to $4,000 per year
Minimum Criteria: merit-based scholarship that recognizes exceptional achievements
Separate application needed: No

They also provide other scholarships including Alumni Legacy Grant and Arcadia University Grant.