295/50R15 is 0.43" shorter than 255/60R15, a −1.60% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.22" (half the diameter change), and the tire needs 0.22" less room above it.
295/50R15 is 1.57" wider. On the same wheel offset about half of that, 0.79", moves toward the suspension and half toward the fender.
Both fit a 15" wheel; the sidewall is 0.22" shorter on 295/50R15.
Details: 255/60R15 in inches · 295/50R15 in inches · change sizes in the calculator