<p>As you know, Hispanic is a rather broad term. There are cultural differences between people from different backgrounds. Some colleges and universities might be interested in mixing it up a bit - for example if they are loaded up on Cubans, being not-Cuban this year could be a good thing. None of this is enough to get you in if you don’t meet the basic standards, but if the particular college/university cares it could tip the balance.</p>
<p>As to the ones specifically listed, you could compare it to the options on the last US Census forms. I expect that that is where the list comes from.</p>