This article poses the following research question: How do multilingual students in higher education negotiate the "multi" in their multilingualism and multiliteracies? The article presents data from a qualitative study conducted with eight multilingual undergraduate university students in which the participants describe their complex multilingualism and literacy practices in interviews and provide samples of their formal and less formal literacies for analysis. Findings show that participants creatively use their multilingual and multiliterate competencies in safe informal contexts, but in high-stakes academic contexts they relegate these competencies to conform to institutional expectations of standard academic writing in English. Analysis involves an interweaving of several theoretical perspectives: multilingualism as something combined and hybrid rather than discrete languages, multiliteracies, academic literacies, and identity formation as performed and negotiated in relation to powerful social and institutional discourses. The authors find the participants of the present study to be highly reflexive, knowledgeable, and skilled transnational learners, a finding that challenges pervasive discourses around multilingual learners that focus on deficit and remediation. (Contains 2 notes and 4 samples.)