We extend the notion of link colorings with values in an Alexander quandle to link colorings with values in a module M over the Laurent polynomial ring Λμ=ℤ[t±11,…,t±1μ]. If D is a diagram of a link L with μ components, then the colorings of D with values in M form a Λμ-module ColorA(D,M). Extending a result of Inoue [Knot quandles and infinite cyclic covering spaces, Kodai Math. J.33 (2010) 116–122], we show that ColorA(D,M) is isomorphic to the module of Λμ-linear maps from the Alexander module of L to M. In particular, suppose M is a field and φ:Λμ→M is a homomorphism of rings with unity. Then φ defines a Λμ-module structure on M, which we denote Mφ. We show that the dimension of ColorA(D,Mφ) as a vector space over M is determined by the images under φ of the elementary ideals of L. This result applies in the special case of Fox tricolorings, which correspond to M=GF(3) and φ(ti)≡−1. Examples show that even in this special case, the higher Alexander polynomials do not suffice to determine |ColorA(D,Mφ)|; this observation corrects erroneous statements of Inoue [Quandle homomorphisms of knot quandles to Alexander quandles, J. Knot Theory Ramifications10 (2001) 813–821; op. cit.].