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

Presidential Scholarships
Total Worth: $18,000 to $22,000 per year
Eligibility: $18,000 to $22,000 per year
Minimum Criteria: based on a complete review of the application for admission

Drake University provides aids at an average of 29236 per student meeting 76% of students need. 100% of students with need receive financial aid at an average of 22855 need-based grant. They also provide other scholarships including National Alumni Scholarships and Fine Arts Scholarships.