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

Weissman Scholarship
Total Worth: full-tuition scholarships plus financial support for scholars
Eligibility: full-tuition scholarships plus financial support for scholars
Minimum Criteria: Academic excellence and intellectual passion
Requirement for maintenance: a 3.3 cumulative GPA
Separate application needed: Yes

Presidential Scholarships
Total Worth: half-tuition scholarships
Eligibility: half-tuition scholarships
Minimum Criteria: based on the information in their admission applications
Requirement for maintenance: minimum 3.0 cumulative GPA
Separate application needed: No

Babson College provides aids at an average of 42799 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 40546 need-based grant. They also provide other scholarships including Diversity Leadership Award and Sorenson Arts Scholarship.