295/55R15 is 0.22" shorter than 275/60R15, a −0.77% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.11" (half the diameter change), and the tire needs 0.11" less room above it.
295/55R15 is 0.79" wider. On the same wheel offset about half of that, 0.39", moves toward the suspension and half toward the fender.
Both fit a 15" wheel; the sidewall is 0.11" shorter on 295/55R15.
Details: 275/60R15 in inches · 295/55R15 in inches · change sizes in the calculator