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

The Marquis Fellowship
Total Worth: $40,000 per year
Eligibility: $40,000 per year
Requirement for maintenance: a minimum cumulative GPA of 3.00 and full time enrollment
Separate application needed: No

The Marquis Scholarship
Total Worth: $24,000 per year
Eligibility: $24,000 per year
Requirement for maintenance: a minimum cumulative GPA of 3.00 and full time enrollment
Separate application needed: No

Lafayette College provides aids at an average of 49946 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 44113 need-based grant. They also provide other scholarships including Posse Scholarships and Athletic Scholarships.