Yeah, Loyola University Maryland does provide scholarships based on merit. Here are some of them:

Presidential Scholarship
Total Worth: $16,000 to $28,000
Eligibility: $16,000 to $28,000
Minimum Criteria: based on a comprehensive review of his/her high school academic record including grades and course selection.
Application deadline: January 15

Loyola Scholarships
Total Worth: $12,000
Eligibility: $12,000
Minimum Criteria: based on strong academic ability and achievement.
Requirement for maintenance: maintain the term and cumulative GPA requirements and credit completion requirements stated at the time of admission.
Application deadline: January 15

Magis Award
Minimum Criteria: based on strong record of grade performance.
Requirement for maintenance: maintain the term and cumulative GPA requirements stated at the time of admission.
Application deadline: January 15

Loyola University Maryland provides aids at an average of 32616 per student meeting 89% of students need. 98% of students with need receive financial aid at an average of 19718 need-based grant. They also provide other scholarships including CPaMS Scholarship and Army ROTC Scholarship.