DENVER — A prepaid college tuition fund grew to $60 million in its first enrollment period — money from Colorado parents, grandparents and other investors.

Investors from nearly 200 cities statewide paid into the fund before it closed in November, accounting for more than 7,000 contracts with an average value of $9,000. November was the end of the first enrollment period in the Colorado Prepaid Tuition Fund, which can be used at public and private colleges and vocational schools around the country.

The average age of a student in the fund is eight years. Some 82 percent of students with contracts are in the sixth grade or lower, indicating a long-term investment was made by most purchasers. Grandparents accounted for approximately 13 percent of the contracts, with parents purchasing 85 percent, and the remainder consisting of relatives and friends of students.

The fund offers families a chance to invest in tomorrow’s college expenses based on today’s prices. It also provides significant state and federal tax benefits to families. Funds in a student’s account can be used for tuition, room and board, fees, books and supplies.

Fall 1998 will be the fund’s next enrollment period. Newborn children can be enrolled at any time of year until the child’s first birthday. Holiday gift certificates can be purchased for students already enrolled in the fund. Call (800) 478-5651.