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

Academic Excellence scholarships
Total Worth: minimum of $14,500 per year
Eligibility: minimum of $14,500 per year
Minimum Criteria: Cumulative GPA of at least 3.5
Requirement for maintenance: Remain in good academic standing and make satisfactory progress toward a degree, Maintains minimum cumulative 3.0 GPA and Submit financial aid application materials on time
Separate application needed: No

Academic Achievement scholarships
Total Worth: minimum of $10,000 per year
Eligibility: minimum of $10,000 per year
Minimum Criteria: cumulative GPA of at least 2.75
Requirement for maintenance: Remain in good academic standing and make satisfactory progress toward a degree, Maintains minimum cumulative 2.75 GPA and Submit financial aid application materials on time
Separate application needed: No

Coburn Berry Scholarship
Minimum Criteria: First generation undergraduate students, demonstrate financial need and GPA of 3.0 or higher
Requirement for maintenance: Reapply for subsequent years
Separate application needed: Yes

Naropa University provides aids at an average of 39539 per student meeting 90% of students need. 100% of students with need receive financial aid at an average of 26290 need-based grant. They also provide other scholarships including Colin Wolcott Music Scholarship and Zora Neale Hurston Scholarship.