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

Guy T. Carswell Scholarships
Total Worth: Tuition, room and board+$3,400 for personal expenses
Eligibility: Tuition, room and board+$3,400 for personal expenses

Joseph G. Gordon Scholarships
Total Worth: Tuition, room, and board+$3,400 for personal expenses
Eligibility: Tuition, room, and board+$3,400 for personal expenses

Graylyn Scholarship
Total Worth: Tuition, room, and board+$3,400 for personal expenses
Eligibility: Tuition, room, and board+$3,400 for personal expenses
Minimum Criteria: Based on academic performance

Wake Forest University provides aids at an average of 49145 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 45652 need-based grant. They also provide other scholarships including Heritage Scholarships and Holding Scholarship.