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

Institutional Merit-Based Scholarship
Total Worth: $2,000 to $22,000
Eligibility: $2,000 to $22,000
Minimum Criteria: 3.0 cumulative GPA and a 21 ACT or a 1000 SAT

Ignatian Scholarship for Academic Excellence
Total Worth: full-tuition scholarship and on-campus housing allowance
Eligibility: full-tuition scholarship and on-campus housing allowance
Minimum Criteria: GPA: 3.5, ACT: 29, SAT: 1300
Application deadline: February 15

Loyola University New Orleans provides aids at an average of 35842 per student meeting 83% of students need. 100% of students with need receive financial aid at an average of 32173 need-based grant. They also provide other scholarships including Music Scholarship and Visual Arts Scholarship.