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I took the LSAT during the 2010-2011 academic year. I'm applying this upcoming fall. Can I use the merit based fee waivers that I received for this cycle (but never used since I didn't apply) for next cycle? Or, do law schools send out new merit based fee waivers for the upcoming cycle in late August for students who took the LSAT during the previous years?

Some of your waivers will still be good, but most probably won't. You'll get new waivers also, and in case you don't just email the school and they will likely renew it. Lastly, before you apply to any school make sure you ask for a fee waiver even if you think you are a auto ding.