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

Presidential Scholarships
Minimum Criteria: SAT score of 1300 or an ACT composite score of 29

Founders Scholarships
Minimum Criteria: SAT score of 1150 or an ACT composite score of 25

Deans Scholarships
Minimum Criteria: Based on academic performance and leadership skills

Elizabethtown College provides aids at an average of 34258 per student meeting 84% of students need. 100% of students with need receive financial aid at an average of 30473 need-based grant. They also provide other scholarships including Elizabethtown Legacy Scholarship and Music Performance Scholarships.