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

Oberlin College National Merit Scholarships and National Achievement Scholarships
Total Worth: $1,000 to $2,000
Eligibility: $1,000 to $2,000
Minimum Criteria: Declare Oberlin as their first-choice college

Conservatory Dean’s Awards
Minimum Criteria: Based on audition ratings and ensemble needs

John F. Oberlin Scholarships
Minimum Criteria: Based on academic achievement

Oberlin College provides aids at an average of 42825 per student meeting 100% of students need. 100% of students with need receive financial aid at an average of 37998 need-based grant.