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

Presidential Scholarship
Total Worth: $5,500/semester
Eligibility: $5,500/semester
Minimum Criteria: Composite ACT score of 30 or above (or SAT equivalent) or has been named a National Merit, a National Achievement finalist, or a Semi-Finalist
Requirement for maintenance: 30 hours with a 2.75 GPA each year. Must enroll in a minimum of 15 hours each semester. Complete 27 hours with a 2.75 GPA by the end of the spring semester for the first year. Complete 30 hours with a 2.75 cumulative each year

University Scholarship
Total Worth: $4,500/semester
Eligibility: $4,500/semester
Minimum Criteria: Composite ACT score of 27-29 (or SAT equivalent)
Requirement for maintenance: 30 hours with a 2.75 GPA each year. Must enroll in a minimum of 15 hours each semester. Complete 27 hours with a 2.75 GPA by the end of the spring semester for the first year. Complete 30 hours with a 2.75 cumulative each year

Blue and Gold Scholarship
Total Worth: $3,300/semester
Eligibility: $3,300/semester
Minimum Criteria: Composite ACT score of 24-26 (or SAT equivalent)
Requirement for maintenance: 30 hours with a 2.75 GPA each year. Must enroll in a minimum of 15 hours each semester. Complete 27 hours with a 2.75 GPA by the end of the spring semester for the first year. Complete 30 hours with a 2.75 cumulative each year

Southern Arkansas University provides aids at an average of 12154 per student meeting 83% of students need. 100% of students with need receive financial aid at an average of 4809 need-based grant. They also provide other scholarships including Art, Music, Theatre.