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

The Brown Scholarship
Total Worth: 33,000 per year
Eligibility: 33,000 per year
Minimum Criteria: must rank minimally in the top 5% of their high school class or, if high school does not rank, have the equivalent of a 3.8 GPA1400 on the SAT (CR+M) or 31 on the ACT.
Separate application needed: Yes
Application deadline: December 1

Merit Scholarships
Total Worth: 18,000-27,500
Eligibility: 18,000-27,500
Separate application needed: No

The Bishop Ernest T. Dixon, Jr. Scholarship (for African-American, Hispanic and Native American students)
Minimum Criteria: must rank minimally in the top 10% of their high school class (or if high school does not rank, have the equivalent of a 3.7 GPA on a 4.0 scale).
Separate application needed: Yes
Application deadline: December 1

Southwestern University provides aids at an average of 35991 per student meeting 88% of students need. 100% of students with need receive financial aid at an average of 31462 need-based grant. They also provide other scholarships including Sarofim Fine Arts Awards and Music Performance Awards.