No Catholics will advise her to go for the abortion, so it has to be option #1.
As for you, even if you are not a Catholic, the baby in the womb IS your child. How are you willing to kill your child? Not even an animal will do that. I am just making a point, not saying you are.
As for abortion, it is a mortal sin. There is no point to repent later or to regret what both of you are purposely doing now. Once it is done, you cannot turn back the clock, you will be going to live with it (the decision).
Abortion causes untold brokeness in women, any woman. It is not only about sin but the scar and the life-long guilt that she has to live with at killing her own baby.
I am much into this line and I have met many women who had abortions in their lives, and all of them found it was one thing that haunt them later in their lives. No matter, whether she is a Catholic or not.
Both of you have to accept responsiblity, yes, it sounds rather harsh, but any rash decision you make now will be even worse for you (her) in the long run.
There is a suggestion for adoption. Usually after all is done (pregnancy and adoption), it may not be that bad. She can still go on with her life. She may have made a mistake, but she will live with it. Abortion, however, is another matter altogether.
Another option, of course, is for both of you to get married. Yes, we may want an ideal marriage. In reality, it does not often go that way but we also know that a couple can work out their marriage too.
Think about the other option rather than go for the simple solution of abortion. Please don’t.
EDIT: As for adoption, we have similar cases in our parish, where the baby would be taken care by the grandparents. Just another option for her. Forget about having to hurt her parents - the pregnancy has happened. Now is the time to deal with it.