Yeah, Rhode Island College does provide scholarships based on merit. Here are some of them:

Presidential Scholarships
Total Worth: at least $2,000 per year
Eligibility: at least $2,000 per year
Minimum Criteria: high school class rank in the top 30% and combined SAT-I scores of at least 1170 (critical reading and mathematics) or an ACT composite score of at least 24
Requirement for maintenance: continuous, full-time enrollment with a 3.0 cumulative G.P.A. ​

Honors Scholarships
Total Worth: $500 and $1,500 per year
Eligibility: $500 and $1,500 per year
Minimum Criteria: highest academic profiles
Requirement for maintenance: a B average and full-time status

Alumni Scholarships
Total Worth: Varies
Eligibility: Varies

They also provide other scholarships including Special Talent Awards and Rhode Island College Grants.