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It's still deductible above the line. But phase out is low by gregmorrissey
The interest deduction income phase out is comically low in my opinion.
Your daughter should look into PSLF and SAVE (or whatever they call the income based repayment plans now).
I do find it interesting how you look at it though. You call $12k a bail out. I'm interested to know how much capital gains tax was saved in the 529 plans. I'd guess it was significantly more than $60k (5 kids x $12,000). I'll admit I'm making the possibly wrong assumption that the full $700k was paid out of the 529. Also, depending on where you live, it's possible those 529 deductions saved you a decent amount of money in state income tax.