My heart is breaking, please help me?

In a LDR for 3 yrs now. He is 20 live in America. I am 24 live in Australia. We have never seen eachother face to face- our only contact is email, phone msn and webcam. He hasn't finished his studies, doesn't have a job. It may be another 3 - 4 years before he will be able to live with me (have to go through visa as well and get through). We made plans to get married I have his ring. Financially we need to save together bec we both can't afford it alone to fly to see eachother. I am soo scared I don't know if I can do this anymore I love him soo much but the odds seem so against us. My family, friends and his don't see us together. We have just been fighting all the time and I couldnt take it anymore and said I needed a break. He wants me back badly. I just don't know anymore. I know we are both hurting bec we don't know when we can be with eachother. I'm just crying all the time, my life is on hold. PLease I don't want to but should I let him go? :(