Yeah, School of the Art Institute of Chicago does provide scholarships based on merit. Here are some of them:

Presidential Scholarship
Requirement for maintenance: successfully complete either 75% or 100% of credit hours each semester depending on scholarship
Separate application needed: No

Distinguished Scholarship
Requirement for maintenance: successfully complete either 75% or 100% of credit hours each semester depending on scholarship
Separate application needed: No

Honors Scholarship
Requirement for maintenance: successfully complete either 75% or 100% of credit hours each semester depending on scholarship
Separate application needed: No

School of the Art Institute of Chicago provides aids at an average of 35464 per student meeting 63% of students need. 100% of students with need receive financial aid at an average of 20318 need-based grant.