Students attending Hispanic Serving Institutions (HSIs) have unique mental health needs. Despite the efficacy of mental health literacy (MHL) for supporting college student mental health, MHL research at HSIs is lacking. In a series of three studies, we found support for the psychometric properties of two MHL‐based screening tools with a large sample (N = 846) of HSI students: The Revised Fit, Stigma, and Value (FSV) Scale, which appraises barriers to counseling, and the Mental Distress Response Scale (MDRS), which measures responses to encountering a peer in mental distress. Results also supported a structural model that revealed Fit and Value as significant predictors of HSI students’ positive responses to a peer in mental distress. Finally, we identified demographic subpopulations of HSI students that were especially vulnerable to barriers to counseling. The potential usefulness of the Revised FSV Scale and MDRS for enhancing MHL screening at HSIs is discussed.