Who claims Hispanic identity, and what constitutes a Hispanic Serving Institution? Leveraging undergraduate applicant data to the University of California system in the 2016 and 2017 application cycles, we surface a phenomenon whereby a significant number of applicants claim Hispanic identity by virtue of European heritage. We subsequently demonstrate how Hispanic-identifying students of European descent are significantly more affluent and more likely to apply to selective UC campuses, relative to their non-European Hispanic peers. We comment on the implications of these disparities for HSI designation, as well as the potential reinforcement of racialized and classed stratification within the UC system and beyond.