On April 30, 1994, about 1310 eastern daylight time, N1561Q, a Cessna 150L, operated by Gibson Air Academy, Inc., was substantially damaged during a touch and go landing at Allair Airport, Farmingdale, New Jersey. The Certified Flight Instructor and student pilot were not injured. Visual meteorological conditions prevailed. There was no flight plan for the instructional flight that was being conducted under 14 CFR Part 91. in a written statement, the pilot stated, I and my student were about to execute a touch and go. As the airplane ballooned, the student reacted with force. He pushed the control yoke forward. The airplane hit the ground nose first. I did not have time enough to counter act the students action, but executed a go around. After that, I remained in control of the airplane, went around for a fly-by to have others [ground personnel] inspect the nose gear. I heard over the frequency [radio] that it [the nose gear] was bent. After that I came around to do the landing. I shut the engine down....After touchdown...the nose tumbled forward as the airspeed diminished.... Post accident examination by a Federal Aviation Administration Inspector revealed that the firewall was buckled, the nose gear assembly was fractured, and the rudder pedal control cables were crimped by the damaged structure. There were no pre-impact mechanical deficiencies.