It is a decision to be made by both of you, especially if you both decide to keep the baby and raise it in a loving permanent relationship and ultimately marriage. This option takes extroardinary love for each other and the baby, since this will not be an easy road.

If you decide at the above option is not the best (and for most ppl your age it isn't), I would suggest that you look into putting the baby up for adoption. This is mainly a decision that the women needs to make because she will bear the responsibility of childbirth, and then separation. This can be the best option for the child.

Another option is "one" of you decide to take full responsibility of raising the baby by yourself. Again not usually a good option, and you both still will be liable for financial responsibility.

Personally, I believe that abortion is a legal but last option, once you consider all possible options for life.

I don't envy your dilemma, but know that you do have options and life goes on. Try to make the best decision for both of you.