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

Ingram Scholarship
Total Worth: Full-tuition
Eligibility: Full-tuition
Requirement for maintenance: GPA: 3.0
Separate application needed: Yes
Application deadline: December 1

Cornelius Vanderbilt Scholarship
Total Worth: Full tuition
Eligibility: Full tuition
Requirement for maintenance: GPA: 3.0
Separate application needed: Yes

Chancellor’s Scholarship
Total Worth: Full tuition
Eligibility: Full tuition
Requirement for maintenance: GPA: 3.0
Separate application needed: Yes

Vanderbilt University provides aids at an average of 50356 per student meeting 100% of students need. 99% of students with need receive financial aid at an average of 48559 need-based grant. They also provide other scholarships including The Carell Family Scholarship and The Clark Scholars Program.