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Unfortunately, when you co-sign a student loan, you are 100% responsible for the debt.....so if the child doesn't pay, you will have to or your score will continue to go down and you will likely be sued eventually for the debt
Also, you can contact the lender and try to reach an agreement to repay the debt....hopefully, you could reach an agreement that would allow you to get things current and avoid any negative affects of this bad situation.