The pilot rated owner reported that, he was allowing another pilot to build time in his airplane to qualify for the airplane's insurance. During the accident flight, the pilot occupied the left seat and the owner occupied the right seat. During takeoff after a touch and go landing, the pilot rotated a bit early and the airplane settled back onto the runway. He aborted the takeoff, applied heavy braking, and the airplane fishtailed and then veered left. The owner took the flight controls, but the airplane exited the runway to the left and impacted a ditch. The pilot reported that, during the familiarization flight to practice touch and go landings, on the second takeoff, he aborted the takeoff because he realized that he did not have enough runway available. He applied heavy braking and the airplane veered to the left into a swamp. The owner added that he was sitting in the right seat, and that the right seat position does not have brakes. He believed that his "inexperience at controlling the airplane form the right seat" also contributed to the accident. The airplane sustained substantial damage to the right wing. The owner reported that there were no preaccident mechanical failures or malfunctions with the airplane that would have precluded normal operation.