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

Academic Merit Awards
Total Worth: $1,000 to full tuition
Eligibility: $1,000 to full tuition
Minimum Criteria: outstanding academic credentials, a superior record of leadership, substantial volunteerism
Requirement for maintenance: Maintenance of specified academic performance
Separate application needed: No

Hillsdale College provides aids at an average of 19899 per student meeting 65% of students need. 98% of students with need receive financial aid at an average of 6735 need-based grant.