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

The Buntrock Scholarship
Total Worth: 25000
Eligibility: 25000
Minimum Criteria: Freshmen with utstanding academic accomplishment and exemplary achievement across many facets of the high school experience
Separate application needed: No
Application deadline: Early Decision 1 – November 15
Early Decision 2 – January 8
Regular Decision – January 15

The Presidential Scholarship
Total Worth: 19000
Eligibility: 19000
Minimum Criteria: Freshmen with salutary academic achievement
Separate application needed: No
Application deadline: Early Decision 1 – November 15
Early Decision 2 – January 8
Regular Decision – January 15

The Dean’s Scholarship
Total Worth: 16000
Eligibility: 16000
Minimum Criteria: Freshmen with a strong and sustained academic achievement
Separate application needed: No
Application deadline: Early Decision 1 – November 15
Early Decision 2 – January 8
Regular Decision – January 15

St. Olaf College provides aids at an average of 41392 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 35083 need-based grant. They also provide other scholarships including Music Scholarships and Service Leadership Scholarships.