Yeah, Rensselaer Polytechnic Institute does provide scholarships based on merit. Here are some of them:

The Rensselaer Medal
Total Worth: $25,000 per year
Eligibility: $25,000 per year
Minimum Criteria: Superlative academic achievement
Separate application needed: No

Rensselaer Leadership Award
Total Worth: Varies
Eligibility: Varies
Minimum Criteria: outstanding record of academic and personal achievements, a strong commitment to excellence, and illustration of intellectual curiosity
Separate application needed: No

Rensselaer Polytechnic Institute provides aids at an average of 40705 per student meeting 84% of students need. 100% of students with need receive financial aid at an average of 36478 need-based grant.