Yeah, Illinois Institute of Technology does provide scholarships based on merit. Here are some of them:

Camras Scholars Program
Total Worth: Full tuition
Eligibility: Full tuition
Minimum Criteria: Satisfy very high selection standards and demonstrate outstanding academics, involvement in extracurricular activities, and dedication to leadership
Separate application needed: No

Collens Scholars Program
Total Worth: full tuition and fees
Eligibility: full tuition and fees
Minimum Criteria: ACT scores from a 23-30, an average weighted GPA of a 3.9, or rank in the top ten percent of their class.
Separate application needed: No

Duchossois Leadership Scholars Program
Total Worth: Full Tuition;Room and Board Allowance;
Eligibility: Full Tuition;Room and Board Allowance;
Minimum Criteria: a minimum 3.5 high school GPA, and ACT/SAT scores in the top 10 percent nationally
Requirement for maintenance: Scholars must maintain a GPA of 3.25 or higher;Scholars must participate in designated programming and other leadership opportunities on campus, and have a good record of university citizenship ;Scholars must agree in writing to share their academic performance including grades each semester, and to submit a report annually to the Duchossois Family Foundation on their achievements and experiences.
Separate application needed: Yes
Application deadline: December 1

Illinois Institute of Technology provides aids at an average of 41478 per student meeting 85% of students need. 100% of students with need receive financial aid at an average of 35496 need-based grant. They also provide other scholarships including Chicago Police and Fire Departments Scholarship and Crown Scholarship.