Hispanic/Latino is an Ethnicity rather than a Race and even if a student indicates Hispanic/Latino Ethnicity, you will still need to indicate the student's race.
The NRS Tip Sheet on Race and Ethnicity provides information on each race category, and Hispanic is not one of the races. Race is based on the person's origins so that will be the determining factor in what is chosen for a student regardless of whether the student is Hispanic/Latino or not. If the student's origins are "in any of the original peoples of Europe, the Middle East, or North Africa" you would choose White, but if the origins are "in any of the original peoples of North and South America, including Central America, and who maintains a tribal affiliation or community attachment," you would choose American Indian or Alaskan Native. These are the two races that are most prevalent for Hispanic/Latino students, but a person of Hispanic/Latino ethnicity could be of any race.