On the Kola Peninsula are several place, called “Kola”, including the name of Peninsula. Usually researchers are explaining the mean using the word:

1. Common Slavonic word “Kolo” meaning — a circle

2. Saami word “kul” — the fish

But more likely the word “Kola” has an ancient Russian origin and means “a Polar Star”.

In this case the name “Kola” mean — under Polar star or the most northern.