While conducting an instructional flight, the commercial pilot noted that the wind speed was 14 knots during the first approach to land. Someone on the ground reported to the pilot that winds were 8 knots near the landing area. The student pilot who was in control of the balloon elected to climb back up to navigate to the North to make another landing attempt. The pilot discussed the upcoming high wind landing with the student pilot as she prepared for a long approach to landing. The balloon descended at a steady rate and before landing she pulled the rapid-deflation valve line. During the landing, the balloon impacted the ground and bounced back into the air. Both the pilot and the student pilot remained in the bottom of the basket as the student pilot continued to pull the rapid-deflation valve line to deflate the balloon. After contacting the ground again, the basket continued to drag on the ground until the balloon was deflated. The student pilot sustained serious injuries during the landing. There were no mechanical malfunctions reported during the flight.