Yeah, Pennsylvania Academy of the Fine Arts does provide scholarships based on merit. Here are some of them:

Donald R. Caldwell Scholarship
Total Worth: Full Tuition
Eligibility: Full Tuition
Minimum Criteria: Based on the merits of their portfolio and challenge portfolio submitted

James J. & Frances M. Maguire Scholarship for Artistic Excellence
Total Worth: Full Tuition
Eligibility: Full Tuition

Deborah Morrison Henderson Scholarship
Total Worth: $2,500-$3,333 per-semester
Eligibility: $2,500-$3,333 per-semester
Requirement for maintenance: Maintain satisfactory progress and demonstrate continued enthusiasm for the program

They also provide other scholarships including Alumni Scholarship and Community College Connection Scholarships.