co-signed defaulted loan

[trustingmom]

The deal is that my daughter is defaulting on her private student loans. At one point I had told her that for every payment she made I would match it toward the principle. I made payments, but she stopped! She keeps saying how broke she is, even though she has a job, and she has now stopped making payments altogether. I have no assets except a bit of income from a first deed of trust. I am married, but my husband's assets are all in his name, or in an LLC. My daughter thinks that I should be paying this because he is wealthy. I do not want to pay $60K, when she is an able-bodied 38 year old with a masters degree. It's not fair to me as a retired teacher, or to her siblings.
My husband told me to just ignore the calls from Citibank and Wells Fargo Student Loans, but today a collection agency called. I didn't answer. I don't know what to do. My daughter doesn't care that this has ruined my credit and hers. Talk about having her head in the sand!
What can happen to me if I don't make payment arrangements?