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

President’s Scholarship
Total Worth: $25,500-$28,500 per year
Eligibility: $25,500-$28,500 per year
Minimum Criteria: 30 or higher on the ACT and 1400 or higher on the SAT
Requirement for maintenance: a 3.25 Gustavus GPA
Separate application needed: No

Dean’s Scholarship
Total Worth: $17,500-$25,500 annually
Eligibility: $17,500-$25,500 annually
Minimum Criteria: show significant academic achievement
Separate application needed: No

Gustavus Adolphus College provides aids at an average of 38506 per student meeting 92% of students need. 100% of students with need receive financial aid at an average of 32990 need-based grant. They also provide other scholarships including Gustavus Legacy Award and Diversity Scholarship.