Victor Rudd had 10 points for the Bulls (2-1), who beat Maryland-Eastern Shore 78-59 on Friday night.
Rudd hit a 3 and Collins made a free throw to extend the Bulls' lead to 47-28 with 13:30 to play.
White had 10 points as South Florida grabbed a 38-21 halftime lead.
Collins' 3-point play put South Florida up 22-14 with six minutes left. White had a slam and layup to make it 36-19 late in the half.
Both teams made just 1 of 6 shots over the opening four minutes of play. Averkamp got the first basket with 16:53.
Loyola has not beaten a Big East Conference team since a 70-58 victory over Notre Dame on Jan. 24, 1994.