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

President’s Award Program
Total Worth: $5,000 per year
Eligibility: $5,000 per year
Minimum Criteria: based on a combination of factors, including high school record, standardized test scores and a comprehensive review of all application materials.

University of Illinois at Chicago provides aids at an average of 14792 per student meeting 61% of students need. 95% of students with need receive financial aid at an average of 13795 need-based grant. They also provide other scholarships including Kerr Scholarship and Martin Luther King Jr. Scholarship.