To their credit, elite colleges (the Ivy League and many others) do make sure that anyone who is academically deserving to attend are able to attend. I would hate to think that an academically deserving student were not able to go to such a college. So I would hope there were still scholarships based on academic merit if financial aid were somehow done away with.
Well, that doesn't seem to be the direction they are following, since many schools this week (UC? Ivy League?) said they were no longer using National Merit Scholarships to determine admissions (translation: too many whites and Asians getting in).