According to the flight instructor, after a normal pre-flight inspection of the airplane and engine run-up, the student pilot taxied to the runway for takeoff and began the takeoff roll. Everything seemed normal as the airplane accelerated; however, as the airplane rotated it started to yaw abnormally to the left. The flight instructor attempted to overcome the left yaw by pressing on the right rudder to assist the student pilot. He was unable to overcome the left yaw, took over the flight controls and aborted the takeoff. The airplane bounced to the left and collided with the bank of a retention pond.Examination of the airplane by a Federal Aviation Administration inspector revealed that the forward fuselage and firewall was buckled. Further examination revealed that the nose gear steering tube rod end failed and rust was noted on the threaded area of the fractured surfaces.