The number of Hispanic Serving Institutions (HSIs) have more than tripled in the U.S. between 2000 and 2020. In 2000, there were 229 HSIs. By 2020, there were 569 HSIs and 333 emerging HSIs, for a total of 902. Although HSIs make up only 18% of all U.S. colleges and universities, they enroll 67% of the Latino students. This paper examined the ramifications of such rapid growth. A scoping review of the literature revealed two major themes: "Establishing an HSI Identity" and "Issues Associated with Enrollment, Transfer, and Degree Completion" over the past 25 years. The publications reviewed addressed challenges including the need for more faculty diversity, transparency in the use of funds, and the need for HSIs to be more "Hispanic serving." The implications of the findings are discussed and recommendations for the future of HSIs are offered.